USD/CAD recently reclaimed the 200-day moving average (DMA) at 1.2465 extending its rebound towards the daily Ichimoku cloud near 1.2650. A break above would clear the way for a potential rise towards the 1.2950/1.3020 area, economists at Société Générale report.

Consolidation above the 200-DMA near 1.2465 is crucial to extend the advance

“Daily MACD has entered positive territory which denotes potential upside.”

“A break above 1.2650 can take the pair towards 1.2795 and perhaps even towards the graphical levels of 1.2950/1.3020.”

“Consolidation above the 200-DMA near 1.2465 will be crucial for persistence in up move.”