USD/CAD could head higher towards 1.3730 once a break above 1.3620 materializes – SocGen

FXStreet Insights Team FXStreet

USD/CAD rebound has stalled after approaching the December high of 1.3620. Economists at Société Générale analyze the pair’s technical outlook.

1.3440 is important support

The USD/CAD pair has experienced a sideways consolidation since last month. The flattish slope of 200-DMA denotes a lack of clear direction.

Lower limit of the recent range near 1.3440 is important support.

Once a break above 1.3620 materializes, USD/CAD could head higher towards 1.3730, the 76.4% retracement from November and perhaps even toward the graphical hurdle of 1.3860/1.3900.

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FXStreet Insights Team

FXStreet

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