USD/CAD could test 1.3838 – Commerzbank

Analysts at Commerzbank Karen Jones, Head of FICC Technical Analysis, and Axel Rudolph, Senior Technical Analyst, see the likeliness of the pair to advance to the key retracement near 1.3840.

Key Quotes

“The weekly close above the 55 week ma has introduced scope to the 61.8% Fibonacci retracement at 1.3838 as well as the late February high at 1.3857”.

“En route are the 1.3405/44 March 9 and 16 highs, the 50% retracement at 1.3575 as well as the 1.3645/56 area. It is where the February 4 and 18 lows were made”.