USD/CAD: Critical 1.3254/72 resistance area caps with support seen at 1.3128 – Credit Suisse

The USD/CAD pair has seen a sharp rejection from the crucial resistance at 1.3254/72 with support seen at 1.3128, economists at Credit Suisse report.  |  18/09/2020 11:20

The USD/CAD pair has seen a sharp rejection from the crucial resistance at 1.3254/72 with support seen at 1.3128, economists at Credit Suisse report.

Key quotes

“USD/CAD has not managed to follow through on the upside as expected and has seen weakness take over again in line with our medium-term bearish bias. With this in mind, we see support initially at 1.3137, beneath which would see a move back to 1.3128 and 1.3119. Beyond here would see a test of the back of the broken March downtrend at 1.3055. A close below here would further reinforce the view that the medium -term downtrend is taking back over. Support is seen next at 1.3047/38, removal of which would reinforce the bearish bias further for a fall to 1.2994, then medium -term support at 1.2952.” 

“Resistance moves initially to 1.3170, then 1.3183, ahead of 1.3247. Above here would see a fresh test of 1.3254/72, which ideally cap s once more. Above here though on a closing basis would see a base complete to suggest a more important correction higher, with next important resistances at 1.3304.”

 

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