9 Apr 2015
USD/CAD: break above 1.2834 needed to put 1.3000 back in picture – Commerzbank
FXStreet (Barcelona) - According to Axel Rudolph, Analyst at Commerzbank, USD/CAD requires a break above the March high at 1.2834 to gain a short-term bullish outlook and pave way for 1.3000/65 levels.
Key Quotes
“USD/CAD once more retests the 1.2412/1.2354 support zone, where the three month support line meets the February, March and current April lows.”
“Should the latter level give way, the 1.2000 region would be back in the frame and we would change our outlook to a short term bearish one.”
“Resistance above the 55 day moving average at 1.2546 comes in between the January and March highs at 1.2799/1.2834.”
“A rise and daily chart close above the 1.2834 March high is needed for the previous target zone at 1.3000/65 to be back in the picture. Were such a stab higher to be made, our short term outlook would be changed to being bullish.”
Key Quotes
“USD/CAD once more retests the 1.2412/1.2354 support zone, where the three month support line meets the February, March and current April lows.”
“Should the latter level give way, the 1.2000 region would be back in the frame and we would change our outlook to a short term bearish one.”
“Resistance above the 55 day moving average at 1.2546 comes in between the January and March highs at 1.2799/1.2834.”
“A rise and daily chart close above the 1.2834 March high is needed for the previous target zone at 1.3000/65 to be back in the picture. Were such a stab higher to be made, our short term outlook would be changed to being bullish.”