USD/CAD scope for a test of 1.3289/1.3386 – Commerzbank

Senior Analyst at Commerzbank Axel Rudolph noted the pair could now attempt a visit to the 1.3289/1.3386 band.

Key Quotes

“USD/CAD’s rally off its October low at 1.2783 has taken it above our 1.3175/1.3225 target zone (which consists of the August and September highs) and thus has the 1.3289 July high in its sights, as well as the June peak at 1.3386”.

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

“Minor support can be seen between the recent daily highs at 1.3169/31 and also between the 55- and 200-day moving averages at 1.3048/1.2967”.

“Further support sits between the August, September and mid-October lows at 1.2918/1.2885. While this area underpins we will retain our still bullish forecast”.