USD/CAD: Short-term bullish - Commerzbank

Axel Rudolph, analyst at Commerzbank, points that USD/CAD is about to reach the 1.3520 April high above which beckon the March and late May 2017 highs at 1.3532/45, as well as the November and December 2016 highs at 1.3588/97.

Key Quotes

“Further up sits the December 2018 peak at 1.3664. We will retain our short-term bullish view while no unexpected drop takes the cross below the current May low at 1.3357.”

“Unexpected failure there would most probably put the midMarch and April low, seven month uptrend line and the 200 day moving average at 1.3323/1.3249 back on the plate.”

“Further down the 2018-19 uptrend line can be spotted at 1.3151. Still further down sits the October trough at 1.2783.”