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Senior Analyst at Commerzbank Axel Rudolph suggested the upside pressure should be maintained above 1.2950.

Key Quotes

USD/CAD is still aiming for the 1.3532/97 November and December 2016 as well as the March 2017 highs”.

“The cross levelled out at its current July low at 1.3066″.

“The four month support line at 1.3054 and the 55 day moving average at 1.3008 may also be reached before another up leg takes shape”.

“Once a rise above the June high at 1.3386 has been seen, the November, December 2016 as well as the March 2017 highs at 1.3532/97 will be in focus”.

“Immediate upside pressure will be maintained while no unexpected bearish reversal takes the currency pair below the 1.2950 mid-June low. Unexpected failure at 1.2950 would put the 2018 support line at 1.2841 on the map”.