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Jan 31 - 05:00 PM

USD/CAD: S/T Weakness Likely But Still Bullish Within The Range - Credit Suisse

By eFXdata  —  Jan 31 - 01:15 PM

Credit Suisse discusses USD/CAD technical outlook and maintains a bullish bias in the near-term.

"Although further short-term weakness should be allowed for here, we remain biased higher within the range...Resistance initially seen at the 78.6% retracement at 1.3250, which is likely to cap the market in our view, particularly with next resistance just above at the 2019 September downtrend at 1.3282, which is likely to prove an equally tough barrier. Removal this zone though would suggest further medium-term strength, with the next resistance then seen at the 1.3325 high," CS notes. 

Support moves initially to 1.3155, then 1.3139 and 1.3119, removal of which would ease the immediate upside bias. Beneath here, we see a move back to 1.3036/26, which remains seen as a tough floor," CS adds. 

Source:
Credit Suisse Research/Market Commentary

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