USD/CAD: Capped; Needs To Hold 1.3254 To Keep immediate Risk Higher N-Term- Credit Suisse


Dollar/CAD has been looking for a new direction ahead of the rate decision by the Bank of Canada.

Here is their view, courtesy of eFXdata:

Credit Suisse discusses USD/CAD technical outlook and maintains a tactical bullish bias against a move below 1.354 in the near-term.

“USDCAD remains capped as expected at resistance from the downtrend from June and the retreat from here turns the spotlight back to the low from the end of last week and 13-day average at 1.3254. This needs to hold to suggest the immediate risk stays higher with resistance seen at 1.3319/28. Above here can see the downtrend conclusively broken with resistance then seen next at the 1.3347/48 October highs. Beyond here though is needed to suggest we are seeing a more important turn higher with resistance then seen next at the 1.3383 September high, before the 61.8% retracement of the 2018/19 downleg at 1.3417,” CS notes.

Below 1.3254 would remove upside pressure and turn the risks back lower within the range, with support then at the 38.2% retracement of the October/November rally and 55-day average at 1.3219/13,” CS adds.

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Yohay Elam – Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I’ve accumulated. After taking a short course about forex. Like many forex traders, I’ve earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I’ve worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.

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