USD/CAD: Support area at 1.3225/03 to serve as a firm floor to avoid further weakness – Credit Suisse

USD/CAD looks weak in the near-term, but analysts at Credit Suisse look for a floor at 1.3225/03.

Rise above the 1.3661/3705 to put the pair back into more neutral territory

“Whilst we see scope for near-term losses towards the key support area at 1.3225/03, we look for this level to serve as a firm floor to avoid further weakness. Should this take place though, next key support would be located at the 200DMA at 1.3150 and further below at the uptrend from 2021 at 1.2762.”  

“Resistance is seen at 1.3467/82 initially, though a rise above the 1.3661/3705 is needed to put the market back into more neutral territory.”