Quantcast

Flash: USD/CAD, long for 1.0650 target at 1.05/1.0450 pullback – BMO

FXstreet.com (Barcelona) – According to Matt Perrier, FX Strategist at BMO Capital Markets, “There has been a noticeable lack of a pullback in USD/CAD in the 3 day run up from 1.0337 which leaves very short term momentum indicators deep in overbought territory so the anticipated move to 1.0650 may be subject to some headwinds in the absence of a near term pullback.”

Perrier adds: “1.0490/1.0505 acts as immediate support into Friday while the 1.0445 breakout point and 1.0383/1.0438 fib support zone of the current 1.0276/1.0525 rally acts as primary support on any broader pullbacks. Bias is to the long …read more