USD/CAD: DEFENCE OF 1.3410 CAN LEAD TO PERSISTENCE IN REBOUND TOWARDS 1.3620 – SOCGEN
Canada’s CPI is the highlight of a quiet G10 calendar today. Economists at Société Générale analyze USD/CAD’s technical outlook ahead of inflation figures.
Recent pivot low near 1.3410 is near-term support
USD/CAD has embarked on a series of higher peaks and troughs in daily timeframe chart after carving out a low near 1.3180 in December. The pair has gradually established above flattish 200-DMA denoting possibility of continuation in up move.
Recent pivot low near 1.3410 is near-term support. Defence of this can lead to persistence in rebound towards 1.3620, the 61.8% retracement from last November and projections of 1.3730.
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