USD/CAD: Fading the dip – Credit Suisse

USD/CAD remains in a consolidation phase after the dramatic surge came to a temporary stall just ahead the 2016 high at 1.4660/90, analysts at Credit Suisse inform.

Key quotes

“Below 1.4148 has completed a small top to suggest a particularly nasty correction may occur, with next supports for a pullback seen at 1.4012/3961, however we would certainly look to fade this dip.” 

“The market still holds a very large bull ‘wedge’, keeping our broader bias to the upside post a correction, with resistance seen initially at the aforementioned 1.4690. Removal here would see a further acceleration towards the next resistance at the ‘neckline’ to the 2001/02 top at 1.5035.”