USD/CAD short-term stance remains neutral/bearish – Scotiabank

FX Strategists at Scotiabank noted the pair keeps its neutral/bearish outlook unchanged in the near term.

Key Quotes

“Price action has suggested the two-week drop in USDCAD is flattening out as we approach key trend and 200-day MA support around (or just below) 1.31”.

“A collection of doji candles on the 6-hour chart suggests the sell-off has lost momentum in the shorty run and intraday price action so far today leans that way as well, via a potential inside range day”.

“There is scant—as in no—sign of a rebound or reversal at this point, however. Look for support (firm) around 1.3100. Shorts get pressured to cover above 1.3170/75”.