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USD/CAD rejected another probe, its third, below 1.39 yesterday. Analysts at TD Securities are heavy again, but technically, the charts point to a descending triangle. Credit Suisse also points to higher USD/CAD levels.

Key quotes

“While a break of support around 1.3850 could be significant we have yet to hear an argument as to why you would want to own CAD.” 

“With stocks at their post-crash highs and USD/CAD trading where it is, a lot of good news is in the price – whatever good news that may be.”

“We remain focused on upside risks overall. We think 1.3970/00 will be the first notable topside threshold for the pair, which will put 1.4050/80 daily downtrend resistance into focus.”