USD/CAD: Defence of 1.3300/1.3220 is essential to avert a deeper down move – SocGen

Market news

7 June 2023

USD/CAD: Defence of 1.3300/1.3220 is essential to avert a deeper down move – SocGen

Economists at Société Générale analyze USD/CAD technical outlook.

Short-term bounce is expected

USD/CAD has evolved within a range-bound consolidation since last October; a clear trend has been lacking as highlighted by crisscross moves around the 50-DMA.

The pair is now approaching the lower limit of its range near 1.3300/1.3220 which is a crucial support. Defence of this zone is essential to avert a deeper down move.

A short-term bounce is expected; April/May high of 1.3670 is likely to be an important hurdle.

Currencies. Daily history for Wednesday, June 7, 2023

Commodities. Daily history for Tuesday, June 6, 2023

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