- Analytics
- News and Tools
- Market News
- USD/CAD: short term weakness likely but still bullish within the range - Credit Suisse
USD/CAD: short term weakness likely but still bullish within the range - Credit Suisse
eFXdata reports that 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.
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
