USD/CAD pushes higher, targets 1.2720 – Scotiabank

In view of FX Strategists at Scotiabank, the pair’s stance remains bullish and is now targeting the 1.2720 region.

Key Quotes

“USDCAD has closed above the technically-critical 100 day MA (1.2625), delivering a fresh 2018 high”.

“The short-lived February 9 high (1.2685) is being threatened and USDCAD looks set to push toward the 200 day MA (1.2711) and the technically-relevant 1.2720 level roughly corresponding to the last major (23.6%) Fibo retracement of the September-December rally”.

“Momentum indicators are bullish and trend signals are confirming. Near-term support is expected between 1.2580 and 1.2550”.