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Karen Jones, analyst at Commerzbank, points out that the USD/CAD pair has seen a strong rebound from the 2018-2019 uptrend and is now approaching the 1.3386 June high.

Key Quotes

“A close above here will trigger a rally towards the 1.3661/64 December highs. This is pivotal resistance (1.3386) and while capped here attention remains on the current February low at 1.3070 and the 1.3066/83 55- and 200- week moving averages.”

“We still believe that a significant top has been formed with the October low at 1.2783 medium-term remaining in focus. En route is the April 2018-19 support line at 1.3124.”

“Resistance above the 1.3373 late January high comes in at the 1.3445 early December high.”