Bearish note prevails in USD/CAD – Scotiabank

Eric Theoret, FX Strategist at Scotiabank, has reiterated the bearish picture for USD/CAD in the near-term.

Key Quotes

“The descending trend channel is well defined and hints to near term support around 1.2550”.

“Near-term resistance has been observed at the 9 day MA (1.2757). Both the MACD and RSI are bearish, and DMI’s are providing confirmation to the bias with a steady ADX around 27”.