USD/CAD: Morgan Stanley suggests that traders wait for 1.30 before buying again

"There is room for a more substantial retracement of the USD/CAD but the underlying bullish trend is not yet complete.

The USD/CAD has now passed through the high at 1.3457 which dated from September and far exceeded the 61.8% fibo retracements of the 1.2832-1.4690 bullish leg.

From a technical perspective, the current dynamics suggests that one wait for 1.30 to be reached to buy the cross again," says Morgan Stanley.