The USD / CAD pair has continued to rise and broke above the 1.2495 / 2514 resistance, increasing the risk that a bottom has been established, Credit Suisse analysts argue.
Key statements:
“The USD / CAD has risen again this morning, breaking above the key resistance of 1.2487 / 2514, which stopped the market in June. With the daytime MACD accelerating to the upside and given this latest breakout, we are looking for a deeper move higher to a group of resistances at 1.2635 / 53, which includes the 200-day average, a long-term retracement level and a group of highs. of prices.”
“It is worth noting that a break above 1.2635 / 53 would complete a major base, raising the bullish risks, with the next levels at 1.2751 / 64, then 1.2881, with the base size suggesting a possible move to 1.3024 if confirmed. “
“Short-term support is now moving to 1.2422, which should ideally hold to sustain the risks to the upside. The next support is seen at 1.2347, then 1.2302, below which would now probably leave the market trapped again in a rank.”
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