FXStreet reports that analysts at Credit Suisse note that USD/CAD maintains a base to suggest further corrective strength, with key resistance at 1.3421, whilst key support to maintain the base is at 1.3247/41.

“USD/CAD is consolidating near term post a sharp rejection from price resistance at 1.3421 and the 61.8% retracement of the June/September fall at 1.3440 last week, keeping us alert for and greatly increasing the risk of an earlier than anticipated resumption of the core bear trend... Nevertheless, whilst above the “neckline” to the base at 1.3247/41, we stay mildly biased for further corrective strength, with resistance seen initially at the aforementioned 1.3421 and 1.3440.”

“A clear and closing break below 1.3247/41 would negate the small base to suggest a direct resumption of the medium-term bear trend, with support seen next at 1.3171/69.”