- Analytics
- News and Tools
- Market News
- USD/CAD: Deeper down move expected on a break under 1.3570 – SocGen
USD/CAD: Deeper down move expected on a break under 1.3570 – SocGen
Economists at Société Générale analyze USD/CAD technical outlook.
A short-term down move towards 1.3700 is expected
USD/CAD recently faced resistance near March high of 1.3860/1.3900 which is also the upper limit of a multi-month channel. This test has resulted in a quick decline.
A short-term down move towards 1.3700, the 23.6% retracement from July is expected.
Lower band of the channel near 1.3570 is likely to be an important support near term. Only if this gets violated would there be risk of a deeper down move.
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
