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”.
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