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Axel Rudolph, analyst at Commerzbank, suggests that for the USD/CAD pair, since it bounced off its current April low at 1.3276 and is about to reach the 1.3467 March high, they have changed their short-term forecast to a bullish one.

Key Quotes

“Once a daily chart close above the 1.3467 high has been seen, the March and late May 2017 highs at 1.3532/45 will be in focus, followed by the November and December 2016 highs at 1.3588/97. Further up sits the December 2018 peak at 1.3664.”

“We will retain our now short-term bullish view while no unexpected drop takes the cross below the mid-March and the current April low at 1.3276/50. Unexpected failure there would put the 200 day moving average and the seven month uptrend line at 1.3245/12 on the cards.”

“Further down the 2018-19 uptrend line can be spotted at 1.3087. Still further down sits the October trough at 1.2783.”