USD/CAD: Risk Stays Directly Lower Whilst Below 1.2188/1.2203 – Credit Suisse

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What is the outlook for USD/CAD in the short and medium terms?

Here is their view, courtesy of eFXdata:

Credit Suisse discusses USD/CAD technical outlook and adopts a tactical bearish bias.

“Short-term momentum is turning slightly and the minor RSI divergence that is now in place is a little concerning in the short term. Nevertheless, we stay bearish and look for a resumption of the strong medium-term downtrend, with a weekly close below 1.206 0/48 needed to confirm a multi-year “double top” and dramatically reinforce our medium-term bearish outlook, with the next level at 1.1916,” CS notes.

The risks stay directly lower whilst 1.2188/2203, which is the recent high and 13 -day exponential average. Above here would trigger a deeper correction, with the next level at 1.2352,” CS adds.

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Kenny Fisher - Senior Writer A native of Toronto, Canada, Kenneth worked for seven years in the marketing and trading departments at Bendix, a foreign exchange company in Toronto. Kenneth is also a lawyer, and has extensive experience as an editor and writer.