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- USD/CAD: Further upside potential towards the top of trend channel at 1.31 – Credit Suisse
USD/CAD: Further upside potential towards the top of trend channel at 1.31 – Credit Suisse
USD/CAD continues to rise. The pair is getting closer to 1.3076/3100, where analysts at Credit Suisse are mildly biased toward a cap to keep the market in its gently upward sloping trend channel.
Only below 1.2678 would warn of a deeper setback
“There is scope for further upside within the broader 1.2400-1.3100 gently upward sloping trend channel from October 2021.”
“Near-term resistance is seen at 1.30 and then further above at the 38.2% retracement of the 2020/21 fall at 1.3023/24. Should the current strength extend above here, we would look for the market to remain capped at the top of the trend channel around ∼1.3076/3100.”
“Support moves to 1.2900/2883 initially and next to 1.2864. Though below here would relieve some of the strong upward pressure, only below 1.2678 would warn of a deeper setback again to 1.2492/00, which we would expect to hold to keep our view of a broader range intact.”
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