USD/CAD could re-test 1.3220 in the near term – Scotiabank

Eric Theoret, FX Strategist at Scotiabank, noted the pair’s outlook remains neutral-bullish in the near term and could attempt a test of 1.3220.

Key Quotes

“USDCAD appears to have carved out a bullish morning star reversal on the six-hour chart with a climb back toward the 200 day MA at 1.3119”.

“The Asian session low has failed to reach the mid-January low around 1.3020, and the near-term balance of risk appears to be shifting back to the upside”.

“We note the potential for near-term gains toward 1.3150 and highlight the absence of resistance to 1.3220”.