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USD/CAD has again been capped at key resistance, but the broader risk stays seen higher, according to analysts at Credit Suisse.

Key quotes

“USD/CAD strength has again been capped at the 78.6% retracement of the 2002/07 fall and 2016 high at 1.4666/90.”

“With a base in place above 1.3793, our bias remains higher for a retest of here, but with a break here needed to see a further acceleration higher with resistance next at the ‘neckline’ to the 2001/02 top at 1.5035, where we would expect to see an attempt to hold at first.” 

“Support at the 1.3665/08 breakout point and 61.8% retracement of the 2020 surge should ideally halt any further potential correction.”