Societe Generale FX Technical Strategy Research notes that USD/CAD is undergoing a steady down move after coming up against the upward channel drawn since 2007 at 1.3840 earlier this year.
“Reintegration within a steeper channel has led to an acceleration in the correction, and the pair appears headed towards the May 2016 lows of 1.25/1.2460,” SocGen argues.
“Graphical levels of 1.2940/1.30 should cap the near-term bounces, while 1.3350 should now be an important hurdle,” SocGen adds.
The article is published by one of the foremost sources of Forex trading information. Link to the original article above.
from Online Forex Trading Resource
View thesource article here