USD / CAD had a day of extreme volatility on Friday and although the sharp setback may extend further, the weakness is still seen as corrective by Credit Suisse’s team of analysts. Come at the 1.2649 / 43 support, a key level that should hold.
Key statements:
“We see room for the weakness to spread even further, with support seen below at 1.2720 ahead of 1.2687 and then the 13-day exponential average and support at 1.2649 / 43. We would look for an attempt to find a flat here. “
“A break below the 1.2649 / 43 region would suggest that the weakness may extend further. up to the 38.2% retracement of the June / August rally at 1.2590. With the uptrend from the June low not far below 1.2554, we would look for a better bottom here. “
“Resistance is seen at 1.2782 initially, then 1.2810, with a break above 1.2836 needed to reassert an upward bias. again to renewed strength at 1.2950 / 57 and finally the ‘measured base target’ at 1.3024, also the 38.2% retracement of the 2020/2021 crash. “
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