USD/CAD keeps the bearish outlook – Scotiabank

FX Strategist at Scotiabank Eric Theoret sees occasional bullish attempts as selling opportunities.

Key Quotes

“Monday’s brief rally through the upper 1.29s to trend resistance has given way to renewed weakness in new cycle lows for funds, boosting the underlying strength in the bullish CAD trend. We think minor USDCADrallies are a sell”.

“A weekly close below 1.2750 will target an extension lower to 1.21 through mid-year”.