For a 2nd day in a row there was limited net movement in USDCAD yesterday. But also for a 2nd day the downside found buyers. This failure to extend the negative break of the 13 day mvg avg indicates that demand is building in the background so, despite another downside attempt in Asia, our studies are mildly positive.
We look for to be modestly long around 1.2800 and add to it on any dip to 1.2775. The upside targets are 1.2842 and 1.2871 and only below 1.2742 is assessed as negative.