Comments from George Davis, head technical analyst at RBC Capital Markets:
- The rejection of the highs has kept the six-week trading range intact
- Now bounded by a quadruple bottom at 1.2384 and the potential double top at 1.2794
- The 1.2794 level now serves as a topside pivot to watch, as this level must be cleared in order to resolve the range to the topside and project greater gains to the 2009 high at C1.3063
- 1.2575 is the next level of support
- "While initial resistance is now located at 1.2681, a return above 1.2746 will be required in order to extinguish the downside risks that are present"
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OK, USD/CAD traders and techies - what you think of that?
