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

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

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

Recent break below 1.2365 increases bearish conviction
“Short-term, the pair is holding above rock bottom of a possible trend channel at 1.2274/66, however, we stay bearish, with subsequent major support below here seen at a serious corrective price low at 1.2256/51, which is predicted to prove a troublesome initial barrier initially.

“With a serious long-term top in situ, 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 a subsequent level above here at 1.2455.”

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