USD/CAD pulls back from 1.4150 resistance – Société Générale
Source Fxstreet
USD/CAD is retreating after rejecting resistance near 1.4150 and is now moving toward the 200-DMA and key channel support at 1.3930/1.3880. A bounce is possible at this zone, but a break below it would open the door to further losses, Société Générale's FX analysts note.
USD/CAD drifts toward key 200-DMA support
"USD/CAD has retracted after encountering interim hurdle at the upper limit of a multi-month ascending channel and the low of February near 1.4150. It is gradually drifting towards the 200-DMA and the lower band of the channel at 1.3930/1.3880, which is a crucial support."
"Achievement of this zone may result in a short-term bounce. If the pair fails to defend the MA near 1.3930/1.3880, there would be a risk of an extension in decline."
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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