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Jul 01 - 02:55 PM

USD/CAD: Likely To Correct Towards 1.2707 In Q3; Fade Weakness Into 55d MA - Credit Suisse

By eFXdata  —  Jul 01 - 01:30 PM

Credit Suisse discusses USD/CAD technical outlook and sees a scope for a move towards 1.2707 during Q3.

"USDCAD has  seen an important, albeit shorter-term shift higher as we enter Q3 after holding major flagged support in Q2, breaking above its 55-day average at 1.2260, which hadn’t previously been cleared sustainably this year," CS notes. 

"We therefore suggest fading any retest of this level, with scope for a renewed push higher during the first half of Q3 towards 1.2514 next, then the more important band of resistance between 1.2647/53 and 1.2707. Our initial expectation is that this level will hold to keep the medium-to-long term trend lower, however we want to see how price action develops over Q3 before committing to this view," CS adds. 

Source:
Credit Suisse Research/Market Commentary

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