USD/CAD: Uptrend extends above 1.3970 – Societe Generale

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.”