USD/CAD to test support at 1.2440/1.2420 as downside momentum lingers – SocGen
|USD/CAD was successful in its attempt to break and close below 1.25 on Friday. Economists at Société Générale expects the pair to see further losses towards 1.2440/1.2420.
Short-term down move
“We think there is further room to catch up to the downside if oil prices stay above $83.”
“USDC/AD could drift towards 1.2440/1.2420 and 1.2365, the 61.8% retracement of recent bounce.”
“Reclaiming daily Ichimoku cloud at 1.2650 can lead to resumption in up move.”
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