Choppy recovery in USD/CAD - SocGen

Sandeep Kanihama FXStreet Contributor

Choppy recovery in USD/CAD appears to have petered out recently after forming a bearish engulfing last week, suggests Research Team at Societe Generale.

Key Quotes

“On daily chart, it has faced stiff resistance near an upward channel limit of 1.3580, also the 50% retracement from January highs. After confirming a double top, it has pulled back towards initial target at 1.3260. With weekly stochastic near a multiyear ceiling, a deeper retracement can’t be ruled out. The pair is likely to continue the down move towards lower limit of the daily channel at 1.3080/1.30 with next significant support at multiyear channel near 1.28. Neckline of the double top at 1.3370 will be an immediate resistance.”

Author

Sandeep Kanihama

FXStreet Contributor

Sandeep Kanihama is an FX Editor and Analyst with FXstreet having principally focus area on Asia and European markets with commodity, currency and equities coverage. He is stationed in the Indian capital city of Delhi.

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