The Canadian dollar was hit by the rate cut with USD/CAD stabilizing on higher ground.
What are the technical targets for Dollar/CAD? The team at SocGen weighs in:
Here is their view, courtesy of eFXnews:
USD/CAD has confirmed an inverted head-and-shoulders pattern, and is continuing the climb towards the 2009 highs of 1.30/1.3070, notes SocGen.
“Monthly and daily RSI have rebounded from their respective support levels indicating upside momentum is intact and a break above 1.30/1.3070 will extend the uptrend towards 1.3280, the pattern target,and probably even towards the monthly upward channel limit at 1.35/1.36,” SocGen projects.
“Short-term retracement, if any, should be confined to the 21 day MA at 1.2560,” SocGen adds.
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