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CAD: Important support near 1.2850 remained intact - BBH Sandeep Kanihama

Research Team at BBH, notes that the Canadian dollar was the strongest of the major currencies, gaining 0.85% on the greenback, and rose for four consecutive sessions. Key Quotes“Important support for the US dollar, near CAD1.2850, remained intact.  It corresponds with a retracement objective and the 20-day moving average.  A convincing break could warn of a move back to CAD1.27.  One of the things that may have helped the Canadian dollar was the recovery in oil prices.  The August light sweet crude contract snapped a two-week decline.  That said, the strong momentum in April and May gave way to a better two-way market in June.  Over the last six week, there have been three advancing and three falling weeks.  In the six-week prior, oil rose in five weeks.  The technical tone seems consolidative in nature.  It requires a break of the $45-$50 range to be of any significance. “



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