USD / CAD recovered slightly on Friday, moving into a short-term consolidation around the lows of 1.2783 / October 29 and May 2018. Looking ahead, the Credit Suisse team of analysts is closely watching support key at 1.2707 / 00, whose break they estimate would cause a further fall.
Key statements:
“The USD / CAD has failed to continue after last week’s break from the October 2018 low, at 1.2783, as the market remains in a consolidation phase around this level. Therefore, more lateral operations are likely to develop. “
“After this consolidation, we remain biased to the downside in the medium term, as a large upper part of the ‘head and shoulder’ is still in place. Support is initially seen at 1.2720, then again at 1.2707 / 00, the removal of which should see a retracement to 78.6% of the 2017/2020 rally at 1.2620, where we would expect to see new buyers early on. Overall, we expect a move below here in due course with support seen below at 1.2528 ”.
“Resistance initially moves to 1.2764, then 1.2793, with an ideal limit at 1.2829 / 33 to keep the immediate downtrend intact. The break here could lead to a move back to 1.2874 / 81, where we expect to see another top attempt. “
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