USD/CAD keeps pointing southwards – Scotiabank

Eric Theoret, FX Strategist at Scotiabank, has reiterated the bearish bias in the pair in the near term.

Key Quotes

“USDCAD appears to be consolidating at the lower end of its descending trend channel with recent congestion centered around 1.2680”.

“Momentum indicators are bearish and trend signals are providing confirmation”.

“We look to near term support around 1.2620 and the recent low around 1.2600. Resistance is expected above 1.2750”.