USD/CAD: Support at 1.2638/32 to hold on a closing for strength back to 1.2813/15 – Credit Suisse

USD/CAD completed a bullish “key reversal day” on Thursday. Analysts at Credit Suisse expect the pair to see further gains towards the 1.2813/15 highs.

Upside bias while above 1.2638/32

“Resistance is seen at 1.2788 initially, above which should see strength back to the 1.2813/15 highs. Above here can add momentum to the rally, with resistance then seen next at 1.2848/54 and eventually back at the 1.2952/64 December high, which may prove a tough barrier again.”

“Support at 1.2638/32 now needs to hold to maintain an immediate upside bias in the broader range. Below can see a retreat back to 1.2581, but with 1.2560/54 ideally holding. More important support though is still seen at the 200-day average and uptrend at 1.2526/07.”