USD/CAD: Break above 1.31 to open up additional gains towards 1.3334 – Credit Suisse
FXStreet · 22 Jun 2022 104 Views

USD/CAD remains within its broad 1.24-1.31 range. That said, potential breakout risks remain pointed to the upside, with a sustained break above 1.31 likely triggering a further advance to 1.3334, analysts at Credit Suisse report. 

1.23-1.31 range to be sustained for now

“We stick with our view for further sideways motion within the highlighted broader 1.24-1.31 range, though with a bias for a short-term swing back lower toward the middle of the channel.”

“With our positive DXY view in mind, we see the risk of an upside breakout as more likely than a downside breakout, with a sustained break above 1.3076/1.3100 signaling a more constructive medium-term outlook and opening the door to the 50% retracement of the 2020/21 fall at 1.3334.”

Affected Trading Instrument

*Risk Disclaimer: The content above represents only the views of the author. It does not represent any views or positions of DCFX and does not mean that DCFX agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the DCFX, DCFX does not assume any form of liability unless otherwise expressly promised in writing.

Recommend