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USD/CAD to trigger a large top with support seen at 1.2994 - Credit Suisse

FXStreet notes that USD/CAD increasingly looks as though it is in the process of forming the “right shoulder” to a very large “head and shoulders” top. Therefore, analysts at Credit Suisse maintain a bearish bias, with support at 1.2994. On the flip side, resistance stays at 1.3259/60. 

“USD/CAD ended up posting a small, potentially bullish ‘hammer’ candlestick yesterday to close back above the important October low at 1.3100/3099. Nevertheless, we stay directly bearish and look for a closing break below here in due course, which would open the door for a fall back to 1.3047/45, removal of which would trigger a move to the ‘neckline’ to the potential very large ‘head and shoulders’ top and 2020 low at 1.3004/2994.” 

“Resistance moves to 1.3178, then 1.3204. Only a move above 1.3259/66 would turn the risks back higher within the range though.”

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