USD/CAD: Top has been formed - Commerzbank

Axel Rudolph, senior analyst at Commerzbank, suggests that a top has clearly been formed for the USD/CAD pair with the October low at 1.2783 being back in the pipeline.

Key Quotes

“Once the December low at 1.3161 has been slipped through, the 200 day moving average at 1.3096 will be in focus as well as the 2018-19 support line at 1.2948.”

“Minor resistance above the 55 day moving average at 1.3332 can be seen at the June high at 1.3386 as well as at the early December high at 1.3445.”