USD/CAD bullish above 1.2800 – Scotiabank

By FXStreet FX Strategist at Scotiabank Eric Theoret keeps the bullish outlook on the pair above the 1.2800 mark in the near term.

Key Quotes

“CAD is strong, outperforming along with NOK and MXN in an environment of broad-based USD weakness”.

“Oil prices are providing support, and considerations of relative central bank policy are adding to CAD strength as market participants consider the remarkably neutral tone delivered in the Bank of Canada’s policy statement on Wednesday”.

“USDCAD has broken back below its 9 day MA (1.3030) and the May 3-24 rally is faltering, shifting the focus to key retracement levels including the 38.2% Fibo around 1.29 and the 50% retracement near 1.2820. We remain USDCAD bulls above 1.2800”.
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Source:: FX Street