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Jun 09 - 02:55 PM

USD/CAD: Threatening A Small Base, Which Would Be Confirmed Above 1.2145 - Credit Suisse

By eFXdata  —  Jun 09 - 01:30 PM

Credit Suisse discusses USD/CAD technical outlook and highlights the importance of 1.2145 for near-term directional bias.

"A break above 1.2117/45 would confirm a deeper correction back higher, which is the recent high and 21 -day exponential average. Above here would open up a move to 1.2203 next, then 1.2253, with 1.2318/52 the deepest correction we can envisage which includes the important 55 -day average," CS notes. 

"In contrast, a direct close below 1.2012/00 would still reassert the broader downtrend and end thoughts of a correction, with a weekly close below 1.2060/48 then needed to confirm a multi - year “double top”, as well as dramatically reinforce our medium term bearish outlook, with the next level at 1.1916. Bigger picture, we still scope for an eventual move to 1.1424/1318," CS adds. 

Source:
Credit Suisse Research/Market Commentary

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