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Axel Rudolph, Senior Analyst at Commerzbank, noted the pair should meet support in the 1.2744/30 band.

Key Quotes

USD/CAD‘s decline is ongoing and has taken it to its current October low at 1.2783, effectively to around the breached 2016-18 resistance line at 1.2801″.

“Together with the May lows at 1.2744/30 we expect this support area to hold”.

“Should this not be the case we would turn bearish and target the April trough at 1.2529. Further down sits the 1.2463 May 2016 low”.

“Minor resistance above the 1.2872/88 resistance area (August and September 20 lows as well as 200 day moving average) comes in at the 1.2963 early August low”.

“Downside pressure will be maintained while the 55 day moving average and the late September high at 1.3034/80 cap”.