USD/CAD sticks to the bullish stance – Scotiabank

FX Strategist at Scotiabank Eric Theoret said the pair keeps the bullish perspective unchanged in the near term.

Key Quotes

“USDCAD has failed to close under 1.32 and the extended lower shadows of its recent candles suggest considerable support under 1.3220”.

“Friday’s doji candle is suggestive of uncertainty and we note the completion of a bullish morning star formation on the two-hour chart”.

“We look to near-term gains toward 1.33 and note the absence of resistance ahead of 1.34. The longer term chart highlights considerable, recurring support at the ascending trend line off the May-August 2016 lows”.