This snippet from JPM comes cia eFX.
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- The USD/CAD rally stalls again at a key confluence of resistance near 1.30
- We need to see a sustained break below the 1.2846 50-day MA to increase our conviction in our base-case view at this point with our broader medium-term range support sits near 1.24. We suspect that area will keep a floor under the market for the months ahead," JPM notes.
- "If our range view proves incorrect, a sustained upside breakout would turn our attention to the 1.3230 May-Nov 2021 equal swings objective, 1.3383 Mar 2020 50% retrace, and 1.3421 Sep 2020 high as the next resistance zone," JPM adds.
