Search ForexCrunch

Axel Rudolph, Senior Analyst at Commerzbank, noted the pair could still reach the 1.3532/97 band, where it is likely to lose some upside momentum albeit for a few days.

Key Quotes

USD/CAD is still gunning for the 1.3532/97 November and December 2016 as well as the March 2017 highs. There the currency pair is likely to stall, at least for a few days”.

“Further up the May 2017 peak can be spotted at 1.3791″.

“Minor support comes in around the March high at 1.3124 and also at the May and early June highs at 1.3066/1.2997″.

“Immediate upside pressure will be maintained while no unexpected bearish reversal takes the currency pair below the 1.2950 mid-June low”.