USD/CAD: Scope for a deeper pullback to 1.2649/43 zone – Credit Suisse
|USD/CAD saw a rollercoaster session on Friday and whilst the sharp setback can extend further yet, weakness is still seen as corrective by the Credit Suisse analyst team. They look for support at 1.2649/43 to ideally hold.
See – USD/CAD: Delta and elections to wallop the loonie in the near-term – BMO
Support at 1.2649/43 to hold with resistance seen at 1.2810
“We see scope for weakness to extend further with support seen next at 1.2720 ahead of 1.2687 and then the 13-day exponential average and price support at 1.2649/43. We would look for an attempt to find a floor here.”
“A break below the 1.2649/43 region would suggest weakness can extend further to the 38.2% retracement of the June/August rally at 1.2590. With the uptrend from the June low not far below at 1.2554, we would look for a better floor here.”
“Resistance is seen at 1.2782 initially, then 1.2810, with a break above 1.2836 needed to reassert an upward bias again for strength back to 1.2950/57 and eventually the ‘measured base objective’ at 1.3024, also the 38.2% retracement of the 2020/2021 collapse.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.