USD/CAD Spotlight: Indicator of the Day

Usd/Cad: The recent break back above the 50-Day SMA for the first time in several weeks is viewed as a bullish sign and could potentially open the door for more significant upside over the medium-term. As such, we look for any pullbacks inter-day to now be well supported on a close basis by the SMA which currently resides by 1.1400. We do not see any setbacks below 1.1400 as sustainable, and would recommend looking for opportunities to buy any dips below the 50-Day SMA on Tuesday. Ultimately, only a close below the 50-Day SMA would give reason for concern.