USD/CAD points upwards near term – Scotiabank

By FXStreet FXStreet (Edinburgh) – In the view of Eric Theoret, Currency Strategist at Scotiabank, the pair’s near term stance has shifted towards the bullish side.

Key Quotes

“Both the MACD and RSI are in bullish territory and trend signals suggest a shift in the balance of risks”.

“USDCAD has found near term resistance at the 50% retracement (1.3145) of the late September-mid October decline, however we look to further gains above the 61.8% Fibo at (1.3218)”.

“Near term support is expected between the 21 day MA (1.3112) and the 38.2% Fibo (1.3071)”.
For more information, read our latest forex news. …read more

Source:: FX Street