USD/CAD: Recent strength seen as a correction, eventual retest of 1.3225/03 expected – Credit Suisse
|USD/CAD has extended its rejection from 1.3225/03. However, analysts at Credit Suise continue to look for an eventual break below this level.
Weakness to be eventually reasserted
“Whilst we see room for the recovery to extend further reinforced by daily MACD turning higher and daily RSI unwinding from oversold levels, this move higher is seen as a near-term correction within the broader bearish environment.”
“Our bias is for the weakness to be eventually reasserted, though with a break below 1.3298 needed to retest the still intact key support at 1.3225/03, a stable close below which would signal further setback to 1.3021/1.2986.”
“We look for the neckline to the recent top and the recent price high at 1.3493/1.3571 to ideally provide a better near-term ceiling to prevent a stronger recovery.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.