News


What’s moving the Canadian dollar

Credit Suisse discusses USD/CAD technical outlook and maintains a bullish bias in the near-term.

“USDCAD saw another test and hold of the pivotal support zone seen at
the current range lows, 50% retracement of the 2020 surge and
‘neckline’ to the large base at 1.3856/3793, which we continue to look
to provide a solid floor the market.

We therefore look for a renewed swing higher within the
range, with resistance initially seen at 1.4080/89, ahead of 1.4114/17.
Above here would see resistance at 1.4141/47, ahead of 1.4173
,
removal of which would negate the previous bearish ‘outside day’ and
reinforce the anticipated upswing, with resistance then seen at the
upper end of the range at the April highs at 1.4262/65, where we would
expect to see fresh sellers at first,” CS notes. 

“In contrast, a clear and conclusive break below 1.3793 would turn the trend back lower and see weakness extend further, with support seen at 1.3734 next,” CS adds.

For bank trade ideas, check out eFX Plus. This week only, get a free one week trial via this link.

See here for global coronavirus case data



Source link

Articles You May Like

Crude gives back the latest pop
TOP 10 STOCKS RIGHT NOW | SUNDAY STOCK TALK
It is clear that our stimulus so far has not been sufficient
100% No Draw-down Forex Trading Strategy | Market Maker Method
FOREX TRADER MAKES $500 FAST l EASIEST FOREX STRATEGY FOR BEGINNERS

Leave a Reply

Your email address will not be published. Required fields are marked *