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24 Mar 2016
USD/CAD: Break of 1.3165 allows 1.3460 - SocGen
The Technical Analysis Team at Societe Generale sees evidence of the pair heading towards 1.3165, with a break opening up the prospects for a target of 1.3460.
Key Quotes
"USD/CAD is showing a recovery after testing our advocated support of 1.30/1.2850, the 61.8% retracement of up move since last May and more importantly the confirmation level of the larger double bottom."
"With daily indicators rebounding from a floor, the pair appears to head towards 1.3165. A break above will mean possibility of retesting graphical levels at 1.3460. This will remain an important hurdle near term."
Key Quotes
"USD/CAD is showing a recovery after testing our advocated support of 1.30/1.2850, the 61.8% retracement of up move since last May and more importantly the confirmation level of the larger double bottom."
"With daily indicators rebounding from a floor, the pair appears to head towards 1.3165. A break above will mean possibility of retesting graphical levels at 1.3460. This will remain an important hurdle near term."