Eric Theoret, Currency Strategist at Scotiabank, has reiterated the bullish-neutral stance on the pair in the short-term.
Key Quotes
“USDCAD’s recent rally appears to have stalled, restrained by resistance around both the 50 day MA (1.3956) and the 200 hour MA (1.3927)”.
“We look to near term support around 1.3850—a break of this level would shift the focus to 1.3780”.
“USDCAD gains remain challenged above 1.3950 and a sustained break of 1.3980 would shift the focus to 1.4100”.
(Market News Provided by FXstreet)