USD/CAD looks positive above 1.2950 – Commerzbank
|Senior Analyst at Commerzbank Axel Rudolph suggested the upside pressure should be maintained above 1.2950.
Key Quotes
“USD/CAD is still aiming for the 1.3532/97 November and December 2016 as well as the March 2017 highs”.
“The cross levelled out at its current July low at 1.3066”.
“The four month support line at 1.3054 and the 55 day moving average at 1.3008 may also be reached before another up leg takes shape”.
“Once a rise above the June high at 1.3386 has been seen, the November, December 2016 as well as the March 2017 highs at 1.3532/97 will be in focus”.
“Immediate upside pressure will be maintained while no unexpected bearish reversal takes the currency pair below the 1.2950 mid-June low. Unexpected failure at 1.2950 would put the 2018 support line at 1.2841 on the map”.
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