Senior Analyst at Commerzbank Axel Rudolph assessed the prospects for the pair in light of the recent price action.
Key Quotes
“USD/CAD found support around the 2018 support line and breached 2016-18 resistance line at 1.2941/08 as expected and has the downtrend channel resistance line at 1.3215 in its sights”.
“Once bettered, the July high at 1.3289 should be reached and then the June peak at 1.3386″.
“Longer term we still believe that USD/CAD is aiming for the 1.3532/97 November and December 2016 as well as the March 2017 highs. Further up sits the May 2017 peak at 1.3791″.
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