USD/CAD bearish near term – Scotiabank

FX Strategist at Scotiabank Eric Theoret reiterated the short-term outlook on the pair stays bearish.

Key Quotes

“USDCAD is entering Friday’s NA session at fresh May lows, breaking the 1.3575 level representing the 50% retracement of the January-May 2016 decline”.

“The level had delivered considerable resistance in late 2016 and has since acted as support over the past four sessions”.

“A break opens up the risk of a push to the March high 1.3535, followed by 1.35. Resistance is limited ahead of 1.3650”.