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Axel Rudolph, Senior Analyst at Commerzbank, noted the pair’s long term target remains at 1.3588/97 as long as 1.2529 holds.

Key Quotes

USD/CAD is flirting with the early March high at 1.3001 while still en route to the long term downtrend line at 1.3042 and the March high at 1.3124″.

“The next higher 1.3588/97 November and December 2016 highs remain our longer term upside targets for the course of this year, provided that the April low at 1.2529 underpins”.

“Only unexpected failure there would put the 1.2452/40 mid-February low and the 78.6% Fibonacci retracement on the cards. This is not our preferred view, though”.