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May 19 - 01:24 PM

USD/CAD: Neutral Here; Levels To Watch - Credit Suisse

By eFXdata  —  May 19 - 08:46 AM

Credit Suisse discusses USD/CAD technical outlook and adopts a neutral bias around current levels.

"Support moves to to 1.3856/51, where we would expect to see another attempt to hold. A clear and conclusive break below here would turn the short-term risk back lower, with support seen at 1.3810," CS notes. 

"We see resistance at 1.4117, then 1.4141/49, ahead of 1.4173. Removal of here would negate the previous bearish ‘outside day’ and turn the short-term risk back higher, with resistance seen back at the upper end of the range at the April highs at 1.4262/65, where we would expect to see fresh sellers at first. Removal of here though would see the ‘double bottom’ base and bull ‘wedge’ continuation pattern completed to see the broader uptrend resume, in line with our medium term upside bias," CS adds. 

 

Source:
Credit Suisse Research/Market Commentary

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