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12 Mar 2015
USD/CAD bullish outlook unchanged – Scotiabank
FXStreet (Edinburgh) - The bullish stance for the USD/CAD remains intact, although the upside might be more gradual than expected, suggested Camilla Sutton, Chief FX Strategist at Scotiabank.
Key Quotes
“Most technical studies still warn of upside risks, but there are several warning signals, which make long USD positions against other crosses more attractive”.
“For USDCAD, the failure to break above the January 31th 1.2799 high and the ease with which USDCAD has broken back below yesterday’s open of 1.2689, are clear warnings that upside momentum will still need a more powerful catalyst”.
“Accordingly the near‐term risk for USDCAD is upside, however there are warnings on the chart that this risk might prove slow to materialize”
Key Quotes
“Most technical studies still warn of upside risks, but there are several warning signals, which make long USD positions against other crosses more attractive”.
“For USDCAD, the failure to break above the January 31th 1.2799 high and the ease with which USDCAD has broken back below yesterday’s open of 1.2689, are clear warnings that upside momentum will still need a more powerful catalyst”.
“Accordingly the near‐term risk for USDCAD is upside, however there are warnings on the chart that this risk might prove slow to materialize”