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Axel Rudolph, Senior Analyst at Commerzbank, noted the bullish stance on the pair should return on a daily close above 1.3080.

Key Quotes

USD/CAD‘s rally off its current October low at 1.2783 has taken it back to the one month resistance line and the 55 day moving average at 1.2993/1.3016″.

“For our once again 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 1.2888/82 and also at the current October low at 1.2783″.