USD/CAD: To face a deeper pullback below 1.3580 – Societe Generale

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16 July 2024

USD/CAD: To face a deeper pullback below 1.3580 – Societe Generale

The USD/CAD pair looks poised to inch higher towards descending trend line drawn since April near 1.3755, Societe Generale FX analysts note.

Inches higher towards 1.3755

“USD/CAD recently defended the trough of May near 1.3580 which is also the 200-DMA. A rebound has materialized after this test; the pair looks poised to inch higher towards descending trend line drawn since April near 1.3755.”

“Graphical levels of 1.3850/1.3900 representing the upper limit of the range since 2022 is an important resistance zone. In case the pair breaks below 1.3580, there would be risk of a deeper pullback.”

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