USD/CAD bearish near term – Scotiabank

FX Strategist at Scotiabank, remain bearish on the pair in the short-term horizon.

Key Quotes

“Short-term trends are starting to look a little soft for the USD at least after the market peaked around retracement resistance at 1.2896 last week”.

“Friday’s session saw the USD close out the day at the low, leaving a softish-looking (though not technically bearish) candle on the chart and the market pivoting around the 40-day MA—1.2830”.

“We think USD losses below 1.2825 are needed for weakness to extend towards the low/mid 1.27”.