USD/CAD bearish/neutral near term – Scotiabank

Eric Theoret, FX Strategist at Scotiabank, noted the pair’s outlook remains on the bearish/neutral side for the time being.

Key Quotes

“USDCAD has struggled to make significant progress below support around 1.2880 and its range from Friday’s NA session has been roughly bound between the mid-1.28s and low 1.29s”.

“We have noted potential support at 1.2850 and 1.2820 and look to resistance in the 1.2950- 1.3000 area”.

“Bearish momentum appears to be waning and we note the emergence of positive divergence with the RSI failing to confirm the most recent lows in spot”.