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- USD/CAD to lurch higher towards the 1.2950/1.3020 area – SocGen
USD/CAD to lurch higher towards the 1.2950/1.3020 area – SocGen
USD/CAD defended the trend line since May 2021 and projections at 1.2460 resulting in a bounce. Economists at Société Générale expect the pair to continue its grind higher towards the 1.2950/1.3020 region.
Only removal of support at 1.2460 would be a risk for a deeper down move
“Daily MACD is attempting an entry within positive territory which points towards continuation in rebound.”
“The pair is likely to head towards the graphical levels of 1.2950/1.3020 representing the low of December 2019, January 2020 and high of December 2020, August 2021, December 2021. This is a crucial resistance.”
“Only if the support at 1.2460 gets violated, there would be a risk of a deeper down move.”
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