- Analytics
- News and Tools
- Market News
- USD/CAD: Attention on the 1.3486 June low after breaking below 200-DMA at 1.3512 – Credit Suisse
USD/CAD: Attention on the 1.3486 June low after breaking below 200-DMA at 1.3512 – Credit Suisse
FXStreet reports that USD/CAD is breaking lower, removing the crucial 200-day average at 1.3512. A close below this level today would reinforce the downside bias of the Credit Suisse analyst team, with support next at the 1.3486 June low.
“USD/CAD is seeing the expected attempt to break below the pivotal 200-day average, currently at 1.3512, turning the focus onto next support at the June low at 1.3486. Although a rebound from the range bottom should clearly not be excluded, we remain biased lower and look for a close below these key levels.”
“With a large bearish ‘descending triangle’ continuation pattern also still in place and MACD close to crossing lower, our core bias stays bearish and a move below 1.3486 would finally complete a bear ‘wedge’ continuation pattern. The next supports would then be seen back at 1.3402/3398 initially, then the more important 2020 low and retracement support at 1.3331/17.”
“Resistance is seen initially at 1.3511/12, then 1.3539, which ideally holds to keep the immediate downside bias intact. Above here though would see resistance next at 1.3600/07, where we would expect another attempt to cap.”
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
