FXStreet (Edinburgh) – Eric Theoret, Currency Strategist at Scotiabank, argued spot could be leaving the bearish zone.
Key Quotes
“USDCAD has tested a fresh five-session high and is consolidating above the 9 day MA”.
“Both trend and momentum signals are showing early signs of a turn toward upside risk. The short-lived break of the October 14 open (1.3039) leaves USDCAD vulnerable to further gains and we look to the 21 day MA at 1.3129. Support is expected at the 100 day MA (1.2928)”.
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