USD/CAD can move towards 1.4240 and 1.4150 – Société Générale
|USD/CAD broke out from its multiyear range and experienced an extended uptrend, Société Générale's FX analysts note.
A move towards 1.4240 and 1.4150 can’t be ruled out
"The move has faced strong resistance near 1.4800 last month. A phase of consolidation is under way after this test. The pair has so far carved out a lower high near 1.4550, the 61.8% retracement of the first leg of pullback."
"However, signals of a large decline are not yet visible. Low achieved earlier this week at 1.4350 is first support. If this is breached, a deeper down move can’t be ruled out towards 1.4240 and February low of 1.4150."
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.