USD/CAD has in the view of economists at Credit Suisse completed an important top below key support at 1.3227/25 to mark an important change of trend lower.

A major top has been established

USD/CAD has maintained and reinforced its break of key support at the 38.2% retracement of the 2021/2022 uptrend and November 2022 low at 1.3227/25 and this has seen a major top confirmed to mark an important change of trend lower. 

We now shift to a more decisive negative outlook with support seen next at 1.3100 ahead of 1.3058 and then the 50% retracement of the 2021-2022 uptrend, potential uptrend from June 2021 and price support at 1.2993/53, with this expected to hold at first. Below in due course though can see support next at 1.2895 with the ‘measured top objective’ seen set some distance lower at 1.2555.

Resistance is seen at 1.3179/86 initially, with the recent reaction high and 13-day exponential average at 1.3228/33 ideally capping on a closing basis.