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Axel Rudolph, Senior Analyst at Commerzbank, noted the pair’s stance should shift to bearish on a drop below 1.2888/65.

Key Quotes

USD/CAD‘s recent decline is ongoing with it currently testing the six month uptrend line at 1.9448 and approaching the area seen between the August low and the 200 day moving average at 1.2888/65″.

“If it were to be slipped through, we would turn medium-term bearish and target the May low at 1.2730 again”.

“For now we decided to neutralize our previously held bullish view and will only re-instate it on a rise and daily chart close above this week’s high at 1.3064″.