USD/CAD: A 1.3077-1.3079 double top contains the race higher – DBS Bank

USD/CAD has pulled higher to fetch a recent 1.3079 high, before cooling off. A 1.3077-1.3079 double top contains USD for now, Benjamin Wong, Strategists at DBS Bank reports.

Support is pegged into the 1.2767-1.2732 zone

“We have a 1.3077-1.3079 double top that has seen a swift response of USD backtracking. There is as well the repeat of a bearish head-and-shoulders pattern – albeit of a much smaller dose, and this should limit a USD decline on its own.”

“A move under the 50-day moving average at 1.2812 needed to grease the lower towards the 1.2767-1.2732 support patch.”