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Aug 16 - 02:55 PM

USD/CAD: Above 1.2608 To Open Way Towards 1.2881 - Credit Suisse

By eFXdata  —  Aug 16 - 01:30 PM

Credit Suisse discusses USD/CAD technical outlook and highlights the importance of the 1.2608 level for near-term directional bias.

"The market could still be forming a smaller base, which would be confirmed with a break above the 200 -day average at 1.2569 /2608. With the market also maintaining a much larger multi -month base, this would confirm that the uptrend is resuming for a move back to the 1.2807 high, with next resistance at the highs for the year at 1.2870/81. The “measured base objective” still projects a move to 1.3024, where we would look for a firmer ceiling," CS notes. 

"Near -term support stays at 1.2489/74, below which would negate the smaller basing potential and trigger a retest of 1.2429/08, but with buyers still expected to show here. Below 1.2408 would negate the larger base to turn us tactically neutral, however we view this as an unlikely scenario," CS adds. 

Credit Suisse Research/Market Commentary


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