FXStreet reports that the USD/CAD pair has seen a clear break below the 1.2365 low, further reinforcing the Credit Suisse analyst team’s bearish outlook. The next major support is at 1.2256/51.  

“USD/CAD has seen a very sharp fall below important support at the 1.2365 2021 low, in line with the large bearish ‘outside day’ and recent bearish cross lower in daily MACD momentum.”

“We stay bearish, with the next major support below here seen at a major corrective price low at 1.2256/51, which is similarly expected to prove a tough initial barrier. Nevertheless, with a major long-term top in place, we still see scope for an eventual move to 1.2062, the 2017 low.”