FXStreet reports that the Credit Suisse analyst team discusses USD/CAD prospects.

“USD/CAD surged higher on Tuesday, breaking above minor resistance at 1.2451 to increase the risk of a larger basing structure. So far, the pair is once again stalling at key resistance at 1.2487/2514, which also capped the market back in June.” 

“With daily MACD staying outright bullish and the market maintaining its break above the 55-day average though, we look for a break above here to open up a move to the major cluster of resistances at 1.2639/56, which includes the 200-day average, a long term retracement level and a cluster of price highs. It’s worth highlighting that a break above here would complete a major base to turn the broader risks higher.”