FXStreet (Edinburgh) -Eric Theoret, Currency Strategist at Scotiabank, sees spot grinding lower in the near term.
Key Quotes
“USDCAD has broken the mid-September low, has tested 1.3000, and is flirting with a break below the trendline off the Q1 2015 highs”.
“Momentum indicators are bearish and hint to acceleration, with an RSI of 36 leaving ample space for further downside”.
“We look to near term support around 1.2950 and 1.2920, with near term resistance expected at 1.3120 and 1.3180”.
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