USD/CAD: Break below 1.3500/1.3420 to trigger a deeper fall – ScoGen USDCAD Banks
achieved projections near 1.3860 earlier this month and has embarked on an initial pullback. A break under 1.3500/1.3420 would mean onset of a deeper downtrend, analysts at Société Générale report.“Break below a short-term channel highlights possibility of a down move towards 1.3630 and the 50-DMA at 1.3500/1.3420 which is also the ascending trend line drawn since June last year. This is an important support; only a break below would mean onset of a deeper downtrend.
“Overcoming recent peak near 1.3860 would affirm extension in up move towards last year high of 1.3980/1.4040.”Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions.
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