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USD/CAD: Short-term consolidation - Commerzbank

Axel Rudolph, senior analyst at Commerzbank, expects to see some short-term consolidation in the USD/CAD over the next few days but suggests that next week may well see a continuation towards the May 2017 peak at 1.3791.

Key Quotes

“Minor support comes in around the March 2017 high at 1.3533 with still further support being found at the 1.3445 early December high. Below it lie the June and November 2018 highs at 1.3386/58.”

“Recent upside pressure will be maintained while the cross trades above the four month support line at 1.3339 or unless a technical reversal signal is being formed. Minor support below the next lower December low at 1.3161 and the mid-November low at 1.3128 can be seen at the November low at 1.3050.”

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