The pair could advance to the 1.3175/1.3225 band on a daily close above 1.3118, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.
Key Quotes
“USD/CAD‘s rally has reached the 3 month downtrend at 1.3118. A close above here will be needed to confirm scope for the August and September highs at 1.3175/1.3225 and beyond to the 1.3386 June high”.
“Nearby support is the 55 day ma at 1.3022 then the August and September lows as well as the 200 day moving average at 1.2911/882 and also at the current October low at 1.2783″.
“Below it further support can be spotted at the May lows at 1.2744/30, only an unexpected fall through which would turn us bearish and target the April trough at 1.2529″.
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