USD/CAD to see further upside in the near-term – Credit Suisse
|USD/CAD reverted sharply higher, completing a minor base to suggest the pair could see further corrective strength in the near-term. Resistance is seen initially at 1.3259/66, then 1.3298, while support moves to 1.3145/43, the Credit Suisse analyst team reports.
Key quotes
“USD/CAD has seen a strong upswing, completing a very small base, with strength now pausing at the 50% retracement of the fall from late September at 1.3260. With the small base in mind, we shift the short-term bias to the upside and see resistance initially at 1.3259/66, then 1.3273, ahead of 1.3298 – the 61.8% retracement – where we would expect another attempt to hold and ideally see the core bear trend resume.”
“Support is initially seen at 1.3211, then 1.3193/81, beneath which would ease the immediate upside bias and see a direct move back to 1.3145/43. Removal of here would see 1.3117 next, before a move to the October low at 1.3100/3099. Beyond here would open the door for a fall back to 1.3047/45, removal of which would see the ‘neckline’ to the potential very large ‘head and shoulders’ top and 2020 low at 1.3002/2994 next.”
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.