USD/CAD neutral/bullish near term – Scotiabank

FX Strategists at Scotiabak keep the constructive outlook unchanged on USD/CAD in the near term horizon.

Key Quotes

“The USD was well capped at 1.3210 yesterday, the high seen at the start of the month and the market continues to struggle to make headway through the 40– and 200-day MA signals (1.3166/1.3149 respectively)”.

“Short-term softness should be limited to the low 1.31 area from here, however, with the broader technical picture more USD-positive with funds trading through the ceiling of the Dec/Jan bull wedge consolidation”.