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USD/CAD: Make Or Break?- SocGen

The Canadian dollar is on a roll, making a huge recovery. What’s next for USD/CAD?

The team at SocGen examines the pair around the all important 1.20 level.

Here is their view, courtesy of eFXnews:

After an accelerated uptrend, USD/CAD found stiff resistance near 1.2850, and appears to be undergoing an intermediate correction, notes SocGen.

“Monthly indicator earlier retraced from a graphical resistance and now is approaching a multiyear trend line support. On Daily charts, the pair earlier confirmed a Head and Shoulder pattern and is approaching towards the projected target of 1.20, which also happens to be the monthly channel limit and the 23.6% retracement from 2011 lows,” SocGen adds.

With daily Stochastic closing in on a support 1.20 will be a key level and a rebound is not ruled out once these levels are achieved. It will take a move past the short term channel limit at 1.22/1.2220 to signal a recovery towards the Head and Shoulder’s neckline,” SocGen argues.

 

Canadian dollar USDCAD April 29 2015 technical analysis for forex trading

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Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.