The edginess may not go away any time soon. But Camilla Sutton, chief currency strategist at Scotiabank, says some key props for the dollar are weakening.
Sutton points out in a note to clients that a variety of technical factors are "suggesting there is further USD/CAD downside ahead." The nine-day moving average for the pair is now below the 21-day moving average, she says, and the MACD, or moving average convergence/divergence "is in sell territory."
Want more evidence? Sutton says the RSI, or relative strength index, is below 50. That indicator can be used to indicate trend formation, and a level below 50 suggests a possible downtrend ahead.
Be careful out there.
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