CAD: No respite – RBC CM

There has been no respite for USD/CAD, with the recent selloff extending losses to a new 10-month low of 1.2913 in thin holiday trade, points out the analysis team at RBC Capital Markets.

Key Quotes

“The recent close below key congestive support at 1.3000 opens up 1.2823 as the next support level of note, followed by 1.2764. A close above 1.3140 will be required to initiate a retracement phase via a bullish trend reversal.”