USD/CAD is holding above the bottom of a potential trend channel at 1.2274/66. Nonetheless, analysts at Credit Suisse stay bearish, with the next major support at 1.2256/51.
Recent break below 1.2365 increases bearish conviction
“Short-term, the pair is holding above the bottom of a potential trend channel at 1.2274/66, however, we stay bearish, with the next major support below here seen at a major corrective price low at 1.2256/51, which is expected to prove a tough initial barrier at first.
“With a major long-term top in place, we still see scope for an eventual move beyond here to 1.2062, the 2017 low.”
“We now think the market should be capped below the 1.2365 broken low on any rebounds back higher, with the next level above here at 1.2455.”
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.