JP Morgan targets USD/CAD at 1.24 over the medium-term

Technical Analysis

This snippet from JPM comes cia eFX.



For
bank trade ideas,





check
out eFX Plus






.
For a limited time, get a 7 day free trial, basic for $79 per month
and premium at $109 per month.





Get
it here






.




  • The USD/CAD rally stalls again at a key confluence of resistance near 1.30
  • We need to see a sustained break below the 1.2846 50-day MA to increase our conviction in our base-case view at this point with our broader medium-term range support sits near 1.24. We suspect that area will keep a floor under the market for the months ahead,” JPM notes.

  • “If our range view proves incorrect, a sustained upside breakout would turn our attention to the 1.3230 May-Nov 2021 equal swings objective, 1.3383 Mar 2020 50% retrace, and 1.3421 Sep 2020 high as the next resistance zone,” JPM adds.

Articles You May Like

Renewed US Tariff Concerns and German Instability Hammer Euro
Gold prices fall by Rs 4,750/10 gms after Trump’s victory. Where is the bullion market headed?
Trump’s Treasury Secretary will be a George Soros disciple or a gold bug – report
NZD/USD Price Analysis: Pair gets rejected again by the 20-day SMA, more downside on the horizon
Infinex to list top 500 crypto assets, v2 coming early 2025