fxs_header_sponsor_anchor

News

USD/CAD likely to revisit the 50-DMA near 1.3420/1.3385 – SocGen

USD/CAD likely to revisit the 50-DMA near 1.3420/1.3385 – SocGen

CAD has done well to recover 1.5% from the low of 1.3695 ten days ago against the USD. Economists at Société Générale analyze USD/CAD technical outlook.

Lack of steady upward momentum

USD/CAD rebound faced stiff resistance at the hurdle of 1.3670/1.3720 representing highs of April/May and the 61.8% retracement from last October. 

Daily MACD has dipped below its trigger denoting lack of steady upward momentum. 

The pair has started unfolding a pullback after this test and is likely to revisit the 50-DMA near 1.3420/1.3385 which is a potential support zone. In case the pair fails to defend it, there could be risk of a deeper decline.

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2025 FOREXSTREET S.L., All rights reserved.