USD/CAD broke out from a large consolidation (above 1.3970) resulting in extension of uptrend, Societe Generale’s FX analysts note.
Upward move is a bit stretched
“Daily MACD is registering multi-month highs; this highlights the move is a bit stretched. However, signals of pullback are not yet visible.”
“Next potential objectives are located at 1.4385, the upper limit of a steep channel and projection near 1.4480. Defense of channel lower limit at 1.4110 is crucial for averting short-term decline.”
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