USD/CAD: CURRENT BOUNCE SEEN AS TEMPORARY, EXPECTED FALL BACK TO 1.3116, THEN 1.2993/80

02 Jul 2023, 16:29 · Views 43

USD/CAD has completed a top to warn of a more significant turn lower, economists at Credit Suisse report.

Resistance at 1.3387 to cap to maintain the top

USD/CAD has broken key price support and the 38.2% retracement of the 2021/2022 uptrend at 1.3227/25 which in our view marks a top and important change of trend lower.

The current bounce is thus seen as temporary and corrective and we look for this to be followed by a fall back to 1.3116, then the 50% retracement and uptrend from 2021 at 1.2993/80. Whilst we would look for a floor to be found here, should weakness directly extend, we would see support next at 1.2760.

Resistance at 1.3387 ideally caps to maintain the top.

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USD/CAD: CURRENT BOUNCE SEEN AS TEMPORARY, EXPECTED FALL BACK TO 1.3116, THEN 1.2993/80 – CREDIT SUISSE

Resistance at 1.3387 to cap to maintain the top