9 Jan 2015
USD/CAD looking poised to accelerate towards 1.22 – SG
FXStreet (Barcelona) - Analysts at Societe Generale, note that there exists a possibility of an acceleration in USD/CAD’s uptrend towards 1.19 and then 1.122 levels.
Key Quotes
“USD/CAD has been on a steady uptrend after breaking above the multi-year descending trendline. Monthly RSI too has taken a similar break suggesting the uptrend is likely to continue.”
“If we look at the weekly chart, the pair is cutting above an upward channel, highlighting the possibility of an acceleration in the uptrend towards 1.19 and probably even towards 1.22, which represents 76.4% retracement from the highs of 2009.“
“USD/CAD is breaking above a channel and looks poised to accelerate the uptrend towards 1.22 with intermittent resistance at 1.19. The Weekly MACD is firmly established in positive territory, and is evolving within an upward channel. Pullbacks, if any should be cushioned at 1.1560, 23.6% retracement from last July’s lows.“
Key Quotes
“USD/CAD has been on a steady uptrend after breaking above the multi-year descending trendline. Monthly RSI too has taken a similar break suggesting the uptrend is likely to continue.”
“If we look at the weekly chart, the pair is cutting above an upward channel, highlighting the possibility of an acceleration in the uptrend towards 1.19 and probably even towards 1.22, which represents 76.4% retracement from the highs of 2009.“
“USD/CAD is breaking above a channel and looks poised to accelerate the uptrend towards 1.22 with intermittent resistance at 1.19. The Weekly MACD is firmly established in positive territory, and is evolving within an upward channel. Pullbacks, if any should be cushioned at 1.1560, 23.6% retracement from last July’s lows.“