USD/CAD upside capped around 1.3029/1.3124 – Commerzbank

Axel Rudolph, Senior Analyst at Commerzbank, noted the pair could meet resistance in the 1.3029/1.3124 band in the very near term.

Key Quotes

“USD/CAD probed the long term downtrend line at 1.3029 but fell short off the March high at 1.3124. This resistance area is expected to cap this week”.

“As long as it does a slide back towards the three month support line and the 55 day moving average and late May low at 1.2839/20 may well ensue”.

“The next higher 1.3588/97 November and December 2016 highs remain our longer term upside targets for the course of this year, provided that the April low at 1.2529 underpins”.