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- USD/CAD: Break below 1.2062/48 to trigger a severe downfall - Credit Suisse
USD/CAD: Break below 1.2062/48 to trigger a severe downfall - Credit Suisse
FXStreet reports that the Credit Suisse analyst team notes that USD/CAD continued lower again on Monday, in contrast to other commodity currencies. The pair is honing in on key long-term support at 1.2062/48, below which would complete a major long-term “double top”.
“With a major medium-term top in place and medium-term momentum reaccelerating, we still see scope for a move to 1.2062/48, the 2017 low and 50% retracement of the rise from 2011."
“Whilst we expect the 1.2062/48 region to be a tough initial barrier, it’s worth highlighting that a weekly close below here would complete a multi-year ‘double top’ to dramatically reinforce our medium-term bearish outlook.”
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