USD/CAD: Short-term price action can remain within a range – Societe Générale
|USD/CAD has evolved within a brief pause after facing interim resistance near 1.4470/1.4515, Societe Générale’s FX analysts report.
The up move can extend towards 1.4610 and 1.4670
“It is at a steep ascending trend line; the 50-DMA near 1.4260 is a crucial support in short-term. Only if this is breached would there be risk of a deeper pullback.”
“Short-term price action could remain within a range. A move beyond 1.4470/1.4515 is essential to confirm next leg of uptrend. If this break materializes, the up move could extend towards projection of 1.4610 and 1.4670.”
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.