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19 Mar 2015
USD/CAD keeps the positive stance – Scotiabank
FXStreet (Edinburgh) - Eric Theoret, Currency Strategist at Scotiabank, sees the pair inching higher in the near term.
Key Quotes
“The focus now turns to Friday’s domestic CPI, with expectations of steady inflation adding to potential risk in the event of a surprise. Weakness in retail sales is expected to soften”.
“CAD remains vulnerable to the outlook for oil prices, and WTI is already retracing its $3/bbl rally to $45 with a test of $43”.
“USDCAD short-term technicals: bullish—Wednesday’s plunge has softened bullish momentum indicators, however the RSI remains biased to upside at 55”.
“The 50 day MA (1.2450) appears to have provided for considerable support, and a break back above the 21 day MA (1.2591) hints to the short-lived nature of Wednesday’s decline. We look to further upside and await a break above the 9 day MA (1.2699) for confirmation”.
Key Quotes
“The focus now turns to Friday’s domestic CPI, with expectations of steady inflation adding to potential risk in the event of a surprise. Weakness in retail sales is expected to soften”.
“CAD remains vulnerable to the outlook for oil prices, and WTI is already retracing its $3/bbl rally to $45 with a test of $43”.
“USDCAD short-term technicals: bullish—Wednesday’s plunge has softened bullish momentum indicators, however the RSI remains biased to upside at 55”.
“The 50 day MA (1.2450) appears to have provided for considerable support, and a break back above the 21 day MA (1.2591) hints to the short-lived nature of Wednesday’s decline. We look to further upside and await a break above the 9 day MA (1.2699) for confirmation”.