USD/CAD has declined further. Nonetheless, economists at Credit Suisse expect the downmove to be held at 1.2483/00 and look for a broader 1.24-1.31 range to emerge. 

Stable break below 1.24 to warn of a deeper setback

“With daily MACD in the outright negative area, we see the potential for further near-term downside to unfold. However, we stay biased for the 1.2483/00 support zone to hold to keep USDCAD within the broader 1.2400-1.3100 range, with a reversion back higher within this range likely from 1.2483/00.” 

“A stable break below 1.2400 would warn of a deeper setback, potentially all the way to 1.2300/2287.”