Axel Rudolph, Senior Analyst at Commerzbank, noted the pair should need to break and close above 1.3080 in order to confirm the bullish stance.
Key Quotes
“USD/CAD‘s rally off its current October low at 1.2783 has taken it back to the 55 day moving average at 1.3016″.
“For our still bullish forecast to be confirmed a rise and daily chart close above the 1.3080 late September high will need to be seen”.
“If so, the August and September highs at 1.3175/1.3225 will be back in the picture”.
“Support comes in between the August and September lows as well as the 200 day moving average at 1.2894/82 and also at the current October low at 1.2783″.
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