- Analytics
- News and Tools
- Market News
- USD/CAD: Scope to nosedive towards the 1.1424/1318 area - Credit Suisse
USD/CAD: Scope to nosedive towards the 1.1424/1318 area - Credit Suisse
FXStreet notes that the USD is weakening sharply across the board, with USD/CAD testing below key long-term support at 1.2062/47. According to economists at Credit Suisse, the breakdown should be sustained, although a weekly close is needed to confirm a multi-year “double top”. Next supports would then be seen at 1.1916, before their long-term objective at 1.1424/1.1318.
“USD/CAD is testing below regime defining support at 1.2062/47. Short-term momentum is reinforcing this move, reaching the strongest levels since June 2020 and showing no signs of tiring. This suggests the breakdown should be sustained and we, therefore, look for a resumption of the strong medium-term downtrend, with a weekly close below 1.2062/47 also confirming a multi-year ‘double top’ to dramatically reinforce our medium-term bearish outlook, with the next level at 1.1916.”
“Bigger picture, we scope for an eventual move to 1.1424/1318."
© 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
