USD/CAD: The market has reverted back higher within the range – Credit Suisse

USD/CAD has seen a reversal back higher within the range, with the market posting a small bullish ‘reversal day’, to suggest further in-range strength, according to Credit Suisse.

Key quotes

“We see resistance initially at 1.4065, then 1.4078, ahead of 1.4173. Removal of here would negate the previous bearish ‘outside day’ and turn the short-term risk back higher, with resistance seen back at the upper end of the range at the April highs at 1.4262/65, where we would expect to see fresh sellers at first.” 

“Support moves initially at 1.4004, then 1.3976, ahead of 1.3856/51, which ideally continues to hold.”