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USD/CAD saw another test and hold of the pivotal support zone seen at the current range lows, 50% retracement of the 2020 surge and ‘neckline’ to the large base at 1.3856/3793, which analysts at Credit Suisse continue to look to provide a solid floor the market.

Key quotes

“We look for a renewed swing higher within the range, with resistance initially seen at 1.3961/70, above which would complete a small base to confirm the range bottom has held, with next resistance then seen at 1.4080/89, ahead of 1.4114/17.” 

“A clear and conclusive break below 1.3793 would turn the trend back lower and see weakness extend further, with support seen at 1.3734 next.”