FXStreet reports that analysts at Credit Suisse note that USD/CAD continues to hover around the pivotal May 2018 low at 1.2730, but the overall core downtrend remains intact, with next major support at 1.2620.

“With short-term momentum waning, further near-term sideways trading is likely at first. Post this consolidation, we remain biased lower over the medium-term, as a large ‘head and shoulders’ top still in place.”

“Support is seen initially at 1.2700/1.2699, then back at 1.2688, removal of which should see a move back to the 78.6% retracement of the 2017/2020 surge at 1.2620, where we would expect to see fresh buyers at first.”