USD/CAD bearish below 1.2888/65 – Commerzbank
|Axel Rudolph, Senior Analyst at Commerzbank, noted the pair’s stance should shift to bearish on a drop below 1.2888/65.
Key Quotes
“USD/CAD’s recent decline is ongoing with it currently testing the six month uptrend line at 1.9448 and approaching the area seen between the August low and the 200 day moving average at 1.2888/65”.
“If it were to be slipped through, we would turn medium-term bearish and target the May low at 1.2730 again”.
“For now we decided to neutralize our previously held bullish view and will only re-instate it on a rise and daily chart close above this week’s high at 1.3064”.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.