Scotiabank: Neutral bias for USD/CAD

Scotiabank analysis team suggests that for the USD/CAD pair momentum indicators are modestly bearish, even though the DMI’s & ADX have yet to confirm.

Key Quotes

“USD/CAD appears to have resolved its recent consolidation around 100d MA (1.3250) just above midpoint of its range from Oct (1.3224).”

“We are bearish anticipating a decline through the 200 day MA (1.3152) toward the 61.8% retracement (1.3120) of the October-December rally.”