FX Strategist Eric Theoret at Scotiabank has reiterated the bearish/neutral stance in USD/CAD in the near-term.
“Both the MACD and RSI hint to a deceleration in the pace of decline”.
“Thursday’s sizeable drop was followed by Friday’s remarkably narrow range, suggesting a considerable degree of uncertainty”.
“Near-term support is expected in the range between 1.3500 and 1.3520. Resistance is expected at 1.3620 and 1.3650”.