USD/CAD could head higher towards 1.3730 once a break above 1.3620 materializes – SocGen

Market news

22 March 2024

USD/CAD could head higher towards 1.3730 once a break above 1.3620 materializes – SocGen

USD/CAD rebound has stalled after approaching the December high of 1.3620. Economists at Société Générale analyze the pair’s technical outlook.

1.3440 is important support

The USD/CAD pair has experienced a sideways consolidation since last month. The flattish slope of 200-DMA denotes a lack of clear direction.

Lower limit of the recent range near 1.3440 is important support.

Once a break above 1.3620 materializes, USD/CAD could head higher towards 1.3730, the 76.4% retracement from November and perhaps even toward the graphical hurdle of 1.3860/1.3900.

EUR/JPY Price Analysis: Bearish divergence hints at further weakness

India Bank Loan Growth declined to 20.4% in March 4 from previous 20.5%

Market Focus

Material posted here is solely for information purposes and reliance on this may lead to losses. Past performances are not a reliable indicator of future results. Please read our full disclaimer

Open Demo Account & Personal Page

Personal area

support@teletradepartners.com

Risk Warning: Trading in the financial markets (including trading on margin) provides a wide range of opportunities and enables investors ready to take risks to make high profits, but it carries a potentially high level of risk of loss. Therefore, prior to trading you should take into careful consideration whether such operations are suitable for you in terms of your level of knowledge and financial situation.