FXStreet reports that the USD/CAD pair has shifted into a short-term range between key long-term support at 1.2062/47 and short-term resistance at 1.2190/2206. Analysts at Credit Suisse stay bearish though – looking for an eventual break below the aforementioned support.

“Post this sideways consolidation phase, we look for a resumption of the strong medium-term downtrend and an eventual break below 1.2062/4 7. A weekly close below here would complete a multi-year ‘double top’ to dramatically reinforce our medium-term bearish outlook, with the next level at 1.1916.” 

“Near-term resistance stays at 1.2190/2206, above which would reassert the corrective potential, with the next levels at 1.2262/80.”