USD/CAD bullish perspective remains intact – Scotiabank

According to FX Strategists at Scotiabank, the pair’s outlook remains tilted to the bullish side in the short-term.

Key Quotes

“The CAD is under-performing on the day so far; weaker crude prices are weighing on the CAD somewhat even though there has been some focus of late on the apparently weaker correlation between the CAD and crude oil prices”.

“Choppy trade earlier in the week has neutralized short-term trend dynamics to some extent but the fact that the USD has not lost any significant ground (we see firm support to the 1.3275/1.3300 area) and price action remains more generally constructive tells us that the underlying trend higher remains intact. We remain bullish”.