- Analytics
- News and Tools
- Market News
- USD/CAD: Downtrend resistance at 1.3153 caps with support seen at 1.3038 - Credit Suisse
USD/CAD: Downtrend resistance at 1.3153 caps with support seen at 1.3038 - Credit Suisse
FXStreet reports that according to strategists at Credit Suisse, USD/CAD has shifted into a near-term range after staying capped at the key 1.3153/67 resistance level. The loonie is trading near daily highs around the 1.3140 mark as of writing.
“The rebound higher in USD/CAD remains capped by the 23.6% retracement the fall from June, price resistance and March downtrend at 1.3153/67, with the market now shifting into a near-term range.”
“Support moves initially to 1.3076, but with a break below 1.3038 needed to reassert a bearish bias again for a fall back to 1.2994, then medium-term support at 1.2952. Beneath here would suggest we are seeing the formation of a significant and long-lasting top, with support seen next at the downward sloping trendline from February 2019, currently seen at 1.2863, with the 78.6% retracement of the 2017/2020 bull trend seen at 1.2620.”
© 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
