USDCAD Buy at 1.2835 and 1.2813 (stop 1.2783), Thursday

In line with yesterday's, and this week's, bullish bias demand for USDCAD continues. A 3rd up day in a row took the currency pair to the most bullish levels traded for 10 weeks. Signals for sentiment remain at overbought extremes but with the market hugging the upper band of a rising Keltner channel, we look for profit taking to remain temporary. So, this morning’s call is to Buy at 1.2835 and also any 1.2813 dip. The risk is 1.2783 with upside targets of 1.2863, 1.2885 or even towards December’s 1.2920 peak.

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Lack of momentum here means we are taking some profits above 1.2850 and raising the stop, tightly, to 1.2825