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- USD/CAD to extend the fall with next key support at 1.2620 – Credit Suisse
USD/CAD to extend the fall with next key support at 1.2620 – Credit Suisse
FXStreet reports that the Credit Suisse analyst team discusses the USDCAD prospects.
“USD/CAD saw a sharp move lower on Thursday as the pair saw a sustained break beneath the 1.2783 October 2018 low. With a large ‘head and shoulders’ top still in place, we stay based lower and although we are seeing signs of an oversold condition and we look for further direct weakness with support seen initially at 1.2707/00, then 1.2632, removal of which should see a move back to the 78.6% retracement of the 2017/2020 surge at 1.2620, where we would expect to see fresh buyers at first.”
“Big picture, we expect a move below 1.2620 in due course with support then seen next at 1.2528.”
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