USD/CAD: Renewed push higher – Credit Suisse

The market is seeing a renewed push higher, in line with the recently completed bullish ‘outside day’, according to analysts at Credit Suisse.

Key quotes

“The market has now broken above 1.4166/83 - the 38.2% retracement of the March/April downswing and recent high to reinforce our bullish outlook, with resistance next seen at 1.4213, then 1.4262.” 

“Removal of 1.4262 would see the upswing extend even further up to 1.4349, where we would expect to see fresh selling at first.” 

“Support moves to 1.4114, then 1.3998, removal of which would negate the ‘outside day’ and see a fall back to 1.3856.”