USD/CAD has been trapped in a 5% range corridor since September. The recent 1.2451 low is likely to be the start of another USD upleg, Benjamin Wong, Strategist at DBS bank, reports.

Uptrend remains intact

“Unless trend support at 1.2493 (and further down at 1.2448) sees a determined and sustained break under, USD would still be finding buyers on dips.”

“A path over 1.3024 is still needed to trigger larger upside risks.”

“The most recent dip traded down to 1.2451; and chances fancy the emergence of a fresh price trail to which we believe USD remains biased to try the topside again.”

See: USD/CAD could rise close to the 1.29 level – Mizuho