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.”