Axel Rudolph, Senior Analyst at Commerzbank, noted the pair’s medium-term stance should remain bullish while above the 1.12997/30 region.
“USD/CAD managed to heave itself from its August low at 1.2888 to its early September high at 1.3225 before coming off again”.
“While the 1.2997/30 early May high and six month support line underpin on a daily chart closing basis, we will retain our medium-term bullish forecast”.
“Once the 1.3175 mid-August high and current September high at 1.3225 have been exceeded, the 1.3532/97 November and December 2016 as well as the March 2017 highs will be in focus. Still further up sits the May 2017 peak at 1.3791”.
“En route the June and July highs are to be found at 1.3289 and at 1.3386”.
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