USD/CAD: Uptrend extends above 1.3970 – Societe Generale
|USD/CAD broke out from a large consolidation (above 1.3970) resulting in extension of uptrend, Societe Generale’s FX analysts note.
Upward move is a bit stretched
“Daily MACD is registering multi-month highs; this highlights the move is a bit stretched. However, signals of pullback are not yet visible.”
“Next potential objectives are located at 1.4385, the upper limit of a steep channel and projection near 1.4480. Defense of channel lower limit at 1.4110 is crucial for averting short-term 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.