USD/CAD now looks to 1.3186 – Commerzbank

Axel Rudolph, Senior Analyst at Commerzbank, assessed the prospects for the Canadian Dollar.

Key Quotes

“USD/CAD found support around the 2018 support line and breached 2016-18 resistance line at 1.2954/1.2895 and still has the downtrend channel resistance line at 1.3186 in its sights”.

“Once bettered, the July high at 1.3289 should be reached and then the June peak at 1.3386”.

“Longer term we still believe that USD/CAD is aiming for the 1.3532/97 November and December 2016 as well as the March 2017 highs. Further up sits the May 2017 peak at 1.3791”.

“Were support at 1.2895 to give way on a daily chart closing basis, the 50% retracement and 200 day moving average at 1.2831/20 could be reached”.