USD/CAD set to plummet towards 2017 lows at 1.2062 – Credit Suisse

USD/CAD is holding above the bottom of a potential trend channel at 1.2274/66. Nonetheless, analysts at Credit Suisse stay bearish, with the next majo  |  04/05/2021 10:52

USD/CAD is holding above the bottom of a potential trend channel at 1.2274/66. Nonetheless,  analysts at Credit Suisse stay bearish, with the next major support at 1.2256/51.

See – USD/CAD: The road to 1.20 is still open – NBF

Recent break below 1.2365 increases bearish conviction

“Short-term, the pair is holding above the bottom of a potential trend channel at 1.2274/66, however, we stay bearish, with the next major support below here seen at a major corrective price low at 1.2256/51, which is expected to prove a tough initial barrier at first. 

“With a major long-term top in place, we still see scope for an eventual move beyond here to 1.2062, the 2017 low.” 

“We now think the market should be capped below the 1.2365 broken low on any rebounds back higher, with the next level above here at 1.2455.”

 

Share

Popular News

Show More Popular News

Market Insight's Views

Market Insight analyses will provide both fundamental and technical comprehensions on FX
and other asset classes for Market Insight viewers

RISK WARNING

The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice.

If such information is acted upon by you then this should be solely at your discretion and GKFX will not be held accountable in any way.

  • ForexF
  • IndicesI
  • CommoditiesC
        Back

        Login to Market Insight Account

        Your Market Insight account gives you access to the tools that we offer our customers including our
        Technical Studies & Sentiment for your accounts.

        Forgot Password?

        Don't you have a Market Insight account? With a few easy steps you can easily register to Market Insight

        Create a Market Insight's Account

        Your Market Insight account gives you access to the tools that we offer our customers including our Technical Studies & Sentiment for your accounts.

        register_ty

        Thank you!

        Welcome to Market Insight family!

        You have succesfully completed the registration.
        We will send you an e-mail to give you some
        instructions and our Terms and Conditions!
        Our account representatives will be contacting you as
        soon as possible. If you have any further questions
        please do not hesitate to mail us via info@marketinsight.com