USD/CAD neutral/bullish short term – Scotiabank

Eric Theoret, FX Strategist at Scotiabank, noted the pair should find decent support in the 1.2620/1.2580 band.

Key Quotes

“USDCAD has tested fresh multi-week highs around 1.27 reaching levels last seen in mid-July”.

“Momentum signals have shifted and appear set to push into bullish territory. DMI’s are poised to converge. Both the 9 and 21 day MA’s have been broken and we highlight the absence of any major resistance between the mid-1.27s and mid-1.28 area”.

“Support is expected between 1.2620 and 1.2580.