Credit Suisse discusses USD/CAD technical outlook and expects the rangebound environment to extend further in the near-term.
"We favor an extension of the rangebound environment for now, with resistance seen initially at 1.2627/29. Above here would expose the aforementioned 1.2653, where we would expect to see a concerted attempt to cap for a move back lower. Above 1.2653 would instead warn of a deeper setback higher, with resistance thereafter at 1.2683, ahead of 1.2746/49," CS notes.
"With this in mind, we see support thereafter at 1.2580, then 1.2547/43. Removal of here would subsequently see a move back to 1.2474/62, beneath which would then expose the current year low at 1.2365, where we would expect to see a breather at first," CS adds.