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- USD/CAD to test the 200-DMA at 1.3509 - Credit Suisse
USD/CAD to test the 200-DMA at 1.3509 - Credit Suisse
FXStreet reports that analysts at Credit Suisse note that USD/CAD has not managed to follow through on Thursday’s aggressive sell-off, keeping the market in a short-term consolidation as the loonie remains trapped between 1.3619/32 and the 200-day average at 1.3509.
“Although further rangebound trading should be allowed for at this stage, we remain biased to the downside and look for a fresh test of the 200-day average at 1.3509. Below in due course would see next support at the June low at 1.3486. With a large bearish ‘descending triangle’ continuation pattern still in place and MACD close to crossing lower, we look for a break beneath here in due course as well, which would then complete a bear ‘wedge’ continuation pattern.”
“Resistance is seen initially at 1.3607, ahead of 1.3619/32, which ideally caps once more. A close above here though would see a small base complete to see further corrective strength unfold, with resistance seen next at 1.3686.”
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