USD/CAD aims to further weakness – Scotiabank

FX Strategist at Scotiabank Eric Theoret sees USD/CADcould slip towards lower levels in the near term.

Key Quotes

“Signals are broadly bearish and all eyes are on the October 2015 low at 1.2832”. 

“The RSI is at 35, leaving ample room for further downside before reaching oversold levels under 30”.

“A break of the October low would shift the focus to 1.2720 and 1.2550. Resistance is limited ahead of the 21 day MA at 1.3084”.