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 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.”