USD/CAD: Weekly close break above 1.3728 to trigger renewed trending phase to the upside – Credit Suisse

USD/CAD is at key breakout levels ahead of the NFP report on Friday. A weekly close above 1.3738 would trigger another leg higher, economists at Credit Suisse report.

USD/CAD is at a key inflection point at 1.3728

“A clear weekly closing break above the top of its 2-3 month range at 1.3728 would trigger a renewed trending phase to the upside, with the next levels at 1.3809, then the 1.3978/1.4000 2022 high. We note that there is also further important retracement resistance just above here at 1.4099/4100, which should be a tough barrier if reached. 

“In contrast, a reversal to hold below 1.3728 on a payrolls miss would likely keep the market in the broader ~1.3300-1.3750 range.”