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10 Apr 2015
USD/CAD: consolidation to persist – SG
FXStreet (Barcelona) - Technical Analysts at Societe Generale, note technicals suggest that USD/CAD consolidation will remain, and only below 1.24/1.2365 will the pair face a deeper correction towards 1.2300.
Key Quotes
“The uptrend in USD/CAD has paused since January. The monthly indicator has tested a multi-year graphical ceiling, suggesting consolidation.”
“In the short term, the pair is evolving within a (nearly) horizontal channel between 1.24/1.2365 and 1.2850.”
“The daily RSI is testing a multi-month support, indicating that the phase of consolidation is likely to persist.”
“In the event of a break below 1.24/1.2365, USD/CAD will face a deeper correction towards 1.23 and probably even towards the monthly channel limit at 1.20.”
Key Quotes
“The uptrend in USD/CAD has paused since January. The monthly indicator has tested a multi-year graphical ceiling, suggesting consolidation.”
“In the short term, the pair is evolving within a (nearly) horizontal channel between 1.24/1.2365 and 1.2850.”
“The daily RSI is testing a multi-month support, indicating that the phase of consolidation is likely to persist.”
“In the event of a break below 1.24/1.2365, USD/CAD will face a deeper correction towards 1.23 and probably even towards the monthly channel limit at 1.20.”