USD/CAD stays bullish near term – Scotiabank

According to FX Strategist at Scotiabank Eric Theoret, the pair keeps the bullish stance in the short term, targeting the 1.33/1.35 area.

Key Quotes

“USDCAD is climbing, threatening a break above the 200 day MA (1.3167) following a pair of bullish hammer candles”.

“We maintain a bullish outlook with an expectation of medium-term gains toward the 1.33-1.35 area and believe that the retracement of the January-May decline is not yet complete”.

“We look to the 38.2% Fibo retracement at 1.3312 followed by the 50% retracement at 1.3575”.