USD/CAD still targets the 1.3532/97 band – Commerzbank

Axel Rudolph, Senior Analyst at Commerzbank, noted the pair could still reach the 1.3532/97 band, where it is likely to lose some upside momentum albeit for a few days.

Key Quotes

“USD/CAD is still gunning for the 1.3532/97 November and December 2016 as well as the March 2017 highs. There the currency pair is likely to stall, at least for a few days”.

“Further up the May 2017 peak can be spotted at 1.3791”.

“Minor support comes in around the March high at 1.3124 and also at the May and early June highs at 1.3066/1.2997”.

“Immediate upside pressure will be maintained while no unexpected bearish reversal takes the currency pair below the 1.2950 mid-June low”.