Senior Analyst at Commerzbank Axel Rudolph noted the pair remains on track to test the 1.3532/97 band.
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 1.3065 before rising again”.
“The area between the four month support line at 1.3097 and the 55 day moving average at 1.3038 should continue to act as support”.
“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 1.2866 on the map”.
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