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3 Nov 2015
USD/CAD stance remains neutral – Scotiabank
FXStreet (Edinburgh) - Eric Theoret, Currency Strategist at Scotiabank, expects USD/CAD to stay neutral in the short-term.
Key Quotes
“Momentum signals are conflicted, trend indicators are muted, and USDCAD is trading just above support around the 38.2% Fibonacci retracement level (1.3071) of the late September-early October decline”.
“A failure to respect support at this level would shift the focus back toward the mid-October lows under 1.2850”.
“We note that medium-term signals remain biased to USDCAD gains and expect USDCAD to fully retrace its recent decline”.
Key Quotes
“Momentum signals are conflicted, trend indicators are muted, and USDCAD is trading just above support around the 38.2% Fibonacci retracement level (1.3071) of the late September-early October decline”.
“A failure to respect support at this level would shift the focus back toward the mid-October lows under 1.2850”.
“We note that medium-term signals remain biased to USDCAD gains and expect USDCAD to fully retrace its recent decline”.