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Axel Rudolph, Senior Analyst at Commerzbank, assessed the prospects for the Canadian Dollar.

Key Quotes

USD/CAD found support around the 2018 support line and breached 2016-18 resistance line at 1.2954/1.2895 and still has the downtrend channel resistance line at 1.3186 in its sights”.

“Once bettered, the July high at 1.3289 should be reached and then the June peak at 1.3386″.

“Longer term we still believe that USD/CAD is aiming for the 1.3532/97 November and December 2016 as well as the March 2017 highs. Further up sits the May 2017 peak at 1.3791″.

“Were support at 1.2895 to give way on a daily chart closing basis, the 50% retracement and 200 day moving average at 1.2831/20 could be reached”.