The USD continues to put pressure on its Canadian counterpart. What is the technical outlook for the medium term?
Here is their view, courtesy of eFXdata:
Credit Suisse discusses USD/CAD technical outlook and maintains a bullish bias in the medium-term.
“We maintain our bullish bias and look for a resumption of the upmove post this short-term consolidation phase. Resistance is seen initially at 1.4180/98, then 1.4238, ahead of 1.4262/65. Removal of here would see the upswing extend even further up to 1.4349, where we expect to see fresh selling at first. Above in due course would trigger a large bullish ‘wedge’ continuation pattern, in line with our bigger picture view that the market is set to see a move back to the current year for the year at 1.4668,” CS notes.
“Key medium-term support remains at 1.3810/3793.which ideally floors any setback,” CS adds.
For lots more FX trades from major banks, sign up to eFXplus
Share
