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Flash: USD/CAD primed for bullish break in week ahead – BMO Capital Markets

FXstreet.com (New York) – The USD/CAD made a bullish break through the upper end of the 5-week 1.0245/1.0445 range and now targets a move to 1.0650 which would take us back to the October 2011 highs and within sight of the 11-month old bullish channel top, suggests Greg Anderson at BMO Capital Markets.

Key quotes

“There has been a noticeable lack of a pullback 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. …read more