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“USD/CAD’s rally off its October low at 1.2783 has taken it to its current November high at 1.3317, above which lie the 1.3289 July high and also the June peak at 1.3386,” notes Axel Rudolph, senior analyst at Commerzbank.  

Key quotes

“Once the latter level has been exceeded, the November and December 2016 highs at 1.3588/97 will be targeted.”

“Minor support below the August high and the mid-November low at 1.3175/28 can be seen between the 55 day moving average and the current November low at 1.3064/50. Further support lies around the 200 day moving average at 1.2996.”

“Still further support sits between the August, September and mid-October lows at 1.2918/1.2885. While this area underpins we will retain our bullish forecast. Below it lies the October trough at 1.2783.”