USD / CAD continues to hover around the May 2018 low at 1.2730 and the overall central downtrend remains intact, with the next major support at 1.2620, Credit Suisse analysts report.
Key statements:
“With short-term momentum dropping, at first there will likely be more short-term side trades. After this consolidation, we remain biased to the downside in the medium term as a large upper part of the ‘shoulder-head-shoulder’ is still in place. “
“Support is initially seen at 1.2700 / 1.2699, then again at 1.2688, whose breakout should draw attention to the 78.6% retracement of the 2017/2020 rally at 1.2620, where we would expect to see new buyers at first. “
“Resistance initially moves at 1.2772, then 1.2790 / 93, where we would expect it to hold up to the first attempts. Beyond here, we can see a move back to 1.2829 / 33, the removal of which could mean a move back to 1.2874 / 81, where we expect to see another top attempt.
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