USD/CAD Eyeing December Peak of 1.3620 with Break Above 1.3540 – Société Générale

USD/CAD is inching closer to the 1.3540 mark, according to analysis by Société Général economists. They suggest that the pair’s technical outlook indicates a potential upward movement.

The current trend shows USD/CAD attempting to break above a trend line established since last November, signaling a resurgence in upward momentum. Additionally, the daily MACD indicator has entered positive territory, further supporting the notion of a potential upward trajectory.

If USD/CAD successfully surpasses the 1.3540 level, it could aim for higher targets such as the December peak of 1.3620 and possibly even 1.3730.

Key support for the pair is identified around the recent pivot low at 1.3350.

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