USD/CAD: To face a deeper pullback below 1.3580 – Societe Generale
Source Fxstreet
The USD/CAD pair looks poised to inch higher towards descending trend line drawn since April near 1.3755, Societe Generale FX analysts note.
Inches higher towards 1.3755
“USD/CAD recently defended the trough of May near 1.3580 which is also the 200-DMA. A rebound has materialized after this test; the pair looks poised to inch higher towards descending trend line drawn since April near 1.3755.”
“Graphical levels of 1.3850/1.3900 representing the upper limit of the range since 2022 is an important resistance zone. In case the pair breaks below 1.3580, there would be risk of a deeper pullback.”
Disclaimer: For information purposes only. Past performance is not indicative of future results.
Recommended Articles
Today (March 18), WTI crude oil continued to exhibit significant short-term volatility, driven by a tug-of-war between headlines and data. Intraday, prices retreated from Tuesday's high o
Silver (XAG/USD) lacks a firm intraday direction and oscillates in a narrow range during the Asian session on Wednesday as traders opt to wait on the sidelines ahead of the crucial FOMC rate decision.
West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $95.00 during the early Asian trading hours on Wednesday. The WTI price climbs amid intensifying Middle East conflict and severe supply disruptions.
Ethereum has surged over 20% in the past eight days, far outpacing Bitcoin's gains, suggesting that capital is favoring more volatile altcoins.On March 17 (GMT+8), the crypto market ralli
Gold (XAU/USD) edges higher during the Asian session on Tuesday, though it lacks follow-through and remains close to an over three-week low, touched the previous day.
Related Instrument
