USD/CAD bearish short-term – Scotiabank

Eric Theoret, FX Strategist at Scotiabank, has reiterated his bearish view on the pair in the near-term.

Key Quotes

“USDCAD is trading just above Friday’s fresh multi-month low under 1.2950”.

“Momentum indicators are bearish, and the trend is strong with an ADX of 39”.

“We continue to highlight the absence of major support ahead of the October low 1.2832, beyond which we would look to the July 15 open around 1.2720 and the July 6 open 1.2550”.