- Analytics
- News and Tools
- Market News
- USD/CAD: Weekly close below 1.2062/48 to introduce scope for 1.1424/1318 - Credit Suisse
USD/CAD: Weekly close below 1.2062/48 to introduce scope for 1.1424/1318 - Credit Suisse
FXStreet notes that USD/CAD is consolidating just above regime defining long-term support at 1.2062/48 as the fall in equities weighs on high beta FX. Nevertheless, economists at Credit Suisse do not expect a major correction in equities and once risk sentiment stabilizes, a weekly close below here would complete a long-term ‘double top’. Next supports are at 1.1916, with scope for an eventual move to 1.1424/1318.
“USD/CAD remains in a strong medium-term downtrend, which was recently reinforced by its break below major support at a corrective price low from 2018 at 1.2256/51.”
“With a major medium-term top also in place and medium-term momentum reaccelerating, we look for an eventual break below 1.2062/48, with a weekly close below here completing a multi-year ‘double top’ to dramatically reinforce our medium-term bearish outlook, with the next supports then seen at 1.1916, with little below here until 1.1424/1.1318, which is the uptrend from 2011 and 61.8% retracement of the same move.”
© 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
