USD/CAD: Support at 1.2587/79 to hold for a bounce back to the middle of the range – Credit Suisse USDCAD Banks
fell sharply last week. The pair is testing the lower edge of the recent range at 1.2587/79. Economists at Credit Suisse look for the market to hold above here to maintain the range, with a break above 1.2645/59 needed to cement a floor at this key level.“USD/CAD is challenging important support at the lower boundary of the recent range at 1.2587/79, which includes the recent price low and the uptrend from June 2021.
“A sustained close below 1.2587/79 would warn of a deeper setback within the broader range, with support then seen at 1.2557/52 initially, then at 1.2483 and eventually at the YTD lows at 1.2450/48, which we expect to hold at the very latest.”Information on these pages contains forward-looking statements that involve risks and uncertainties.