Research Team at Societe Generale, suggests that USD/CAD is showing early signs of recovery after achieving key support near 1.30/1.2850, the confirmation level for a double bottom and also a 61.8% retracement from May last year.
“It is breaking above a descending channel within which the recent correction evolved; the current weekly close should be watched as the pair is forming a potential bullish engulfing. The daily MACD is signaling a crossover suggesting the possibility of a rebound initially towards 1.3350 and perhaps even towards graphical levels of 1.3460. This will remain an important hurdle near term.”
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