USD/CAD has broken above the top of its long-term range at 1.2947/63. However, a weekly close above 1.3020/41 is still needed to confirm the medium-term turn higher, analysts at Credit Suisse report.

USD/CAD to fall back to 1.2445 on failure to break above 1.3020/41

“A weekly close above the 38.2% retracement of the 2020/21 downtrend and the 200-week moving average at 1.3020/41 is still needed to confirm a major breakout to the upside and pave way for a move to the 50% retracement at 1.3334, ahead of the September 2020 high at 1.3420.”

“A failure to break above 1.3020/41 would likely result in a fall back to the bottom of the range at 1.2445.”