USD / CAD has managed to rebound above recent and mid-February 2018 lows at 1.2468 / 41 as expected after testing lower levels, Credit Suisse analysts say. They estimate that if there is a close below 1.2440, there would be a downward acceleration.
Key statements:
“With the daily RSI momentum already close to oversold territory, we look for a modest rally to develop to keep price action choppy down and forward in the near term, with resistance at 1.2513, then 1.2573.”
“A direct and closing break below the recent and mid-February 2018 crucial low at 1.2468 / 41 would suggest an acceleration of the central downtrend. and it would see support below at 1.2402 / 00, then 1.2348 / 32, ahead of 1.2300. Further, we would see the potential May 2015 uptrend at 1.2277, just below the 2018 low of 1.2255, where we would expect to see a stronger barrier. ”
“Above 1.2573 the immediate bearish bias would be further eased and a move to 1.2683 / 86 would follow. The break here would open the way for a test at the 55-day average, currently at 1.2686. “
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