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    USD/CAD bearish momentum picks up pace – Scotiabank Pablo Piovano

    According to Eric Theoret, FX Strategist at Scotiabank, the pair remains poised to extend its decline in the near-term.Key Quotes“We maintain a medium-term bearish CAD bias on the basis of relative policy, and note CAD’s recent divergence from levels implied by yield spreads —underscoring the near-term dominance of oil over the past two sessions”.“Momentum is bearish and the RSI is falling toward the oversold threshold at 30”.“The 9 day MA has crossed below the 21 day MA, and DMI’s have shifted decisively bearish”.“The USDCAD decline has broken below the 61.8% Fibo retracement level(1.2739) of the May rally, increasing the risk of a full retracement to the May 3 low at 1.2461. Support is limited ahead of 1.26. Near-term resistance is expected at 1.2780”. 

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