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16 Mar 2015
USD/CAD prospects remain bullish – Scotiabank
FXStreet (Edinburgh) - Currency Strategist Eric Theoret at Scotiabank remarked the bullish outlook on the pair.
Key Quotes
“Both CAD and WTI have recently broken their lows from late January, underscoring a vulnerability amid a heightened focus on elevated U.S. crude oil inventories and concerns centered on storage capacity”.
“Domestically-driven risk will remain elevated throughout the week as we look to international securities transactions, manufacturing sales, and CPI, with external risk from Wednesday’s FOMC driving the broader USD trend”.
“USDCAD short-term technicals: bullish—momentum signals hint to renewed acceleration and trend indicators are steady”.
“Friday’s rally to a fresh high raises the potential for further upside as we note a relatively muted RSI of 63, providing ample space for gains”.
Key Quotes
“Both CAD and WTI have recently broken their lows from late January, underscoring a vulnerability amid a heightened focus on elevated U.S. crude oil inventories and concerns centered on storage capacity”.
“Domestically-driven risk will remain elevated throughout the week as we look to international securities transactions, manufacturing sales, and CPI, with external risk from Wednesday’s FOMC driving the broader USD trend”.
“USDCAD short-term technicals: bullish—momentum signals hint to renewed acceleration and trend indicators are steady”.
“Friday’s rally to a fresh high raises the potential for further upside as we note a relatively muted RSI of 63, providing ample space for gains”.