24 Mar 2015
USD/CAD could test the retracement at 1.2312 – Scotiabank
FXStreet (Edinburgh) - Camilla Sutton, Chief FX Strategist at Scotiabank, argued the pair’s short term technicals remains mixed.
Key Quotes
“USDCAD short‐term technicals are shifting towards a more bearish outlook, even as long‐term technicals remain bullish”.
“In the near‐term, there is some USDCAD support provided by the 50‐day MA at 1.2487 but a close below last week’s low of 1.2450 would open up further selling”.
“The 23.6% Fibonacci retracement level of the July to March rally lies at 1.2312, there is building risk that USDCAD will make a test to this level in the near‐term”.
Key Quotes
“USDCAD short‐term technicals are shifting towards a more bearish outlook, even as long‐term technicals remain bullish”.
“In the near‐term, there is some USDCAD support provided by the 50‐day MA at 1.2487 but a close below last week’s low of 1.2450 would open up further selling”.
“The 23.6% Fibonacci retracement level of the July to March rally lies at 1.2312, there is building risk that USDCAD will make a test to this level in the near‐term”.