USD/CAD eyes 1.3800 break as momentum builds – Société Générale
Source Fxstreet
USD/CAD is approaching key resistance at 1.3800 after consolidating gains from its June low near 1.3535. With momentum turning more constructive, a breakout could open the door to 1.3910 and the 200-DMA near 1.4000, Société Générale's FX analysts note.
Positive divergence signals recovery potential in USD/CAD
"USD/CAD decline has stalled after forming a durable trough near 1.3535 in June and has experienced a sideways consolidation. Daily MACD has been posting positive divergence highlighting receding downward momentum."
"The pair is in vicinity to the upper limit of its recent range at 1.3800. If USD/CAD crosses this hurdle, a larger up move could take shape towards projection of 1.3910 and the 200-DMA at 1.4000/1.4045. The low achieved this week at 1.3680 is first layer of support."
Disclaimer: For information purposes only. Past performance is not indicative of future results.
Recommended Articles
Asian currencies steadied on Tuesday following sharp declines in the prior session, as the U.S. dollar gained support after the announcement of a trade agreement between the United States and the European Union.
Bitcoin falls to $117.9K amid Fed and tariff uncertaintyOn Wednesday, Bitcoin experienced a slight decline as it extended its losses from earlier in the week. Traders remained cautious ahead of the Federal Reserve's imminent interest rate decision and an upcoming August 1 deadline for President Donald Trump's tariffs.
On Wednesday, Bitcoin experienced a slight decline as it extended its losses from earlier in the week. Traders remained cautious ahead of the Federal Reserve's imminent interest rate decision and an upcoming August 1 deadline for President Donald Trump's tariffs.
Most Asian currencies experienced minimal fluctuations on Wednesday, as the dollar saw a slight retreat from its recent advances.
Eurozone Economy Posts Modest Growth in Q2, Faces Headwinds from U.S. TariffsThe eurozone economy saw a slight improvement in the second quarter of 2025, growing by 0.1%, according to Eurostat data released Tuesday. This modest expansion outpaced expectations for flat growth, but still marked a sharp slowdown from the 0.6% expansion recorded in the first quarter.
The eurozone economy saw a slight improvement in the second quarter of 2025, growing by 0.1%, according to Eurostat data released Tuesday. This modest expansion outpaced expectations for flat growth, but still marked a sharp slowdown from the 0.6% expansion recorded in the first quarter.
Banco Santander Misses Q2 Profit Forecast by Narrow Margin, Reaffirms 2025 OutlookBanco Santander (BME:SAN) reported a 10% year-on-year increase in pre-tax profit for the second quarter, reaching €5.12 billion. Despite the gain, the figure came in slightly below analysts’ expectations, missing consensus by about 1%, and prompting a nearly 2% drop in the bank’s shares on the Madrid exchange.
Banco Santander (BME:SAN) reported a 10% year-on-year increase in pre-tax profit for the second quarter, reaching €5.12 billion. Despite the gain, the figure came in slightly below analysts’ expectations, missing consensus by about 1%, and prompting a nearly 2% drop in the bank’s shares on the Madrid exchange.
Related Instrument
