USD/CAD poised for extra upside – Scotiabank

In view of Eric Theoret, FX Strategist at Scotiabank, the pair’s perspective points to further gains in the short-term.

Key Quotes

“USDCAD has rallied to a fresh multi-month high and has reached our long identified target of 1.3575, the level representing the 50% retracement of the January-May decline”.

“Momentum signals are bullish, DMI’s are providing confirmation, and MA’s are bullishly aligned across both short and medium-term time horizons”.

“The technical picture is suggestive of continued gains and we highlight the absence of meaningful resistance ahead of 1.3650 the Feb 25 open around 1.37, and the 61.8% Fibo retracement of the January-May decline at 1.3839”.

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