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May 24 - 12:55 PM

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

By eFXdata  —  May 24 - 10:45 AM

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. 

Credit Suisse Research/Market Commentary


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