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USD/CAD: Downtrend risk below key averages – Societe Generale
Key Takeaways (30s Read)
USD/CAD faces downtrend risks as it trades below key moving averages, with short-term resistance at 1.3830.
According to Societe Generale analysts, USD/CAD has slipped below its ascending trend line from December 2023 and rebounded from 1.3480. This rebound is close to the 200-day moving average at around 1.3830, which is seen as key short-term resistance. As long as USD/CAD remains below this level, the risk of a downtrend is heightened. Market participants are keeping a watchful eye on price movements to identify any signals indicating a change in trend, while also considering upcoming economic releases that could impact the market.
AI Analyst
AI Opinion
"The current movement of USD/CAD is a key indicator for traders. The rebound at 1.3480 is noteworthy, but attention must be paid to the 200-day moving average around 1.3830. As long as this level is not exceeded, downward pressure is likely to continue. The market is particularly sensitive to economic data and central bank movements. Future reactions may serve as triggers for profit-taking or stop-losses depending on U.S. and Canadian economic data. Given these factors, it's crucial to build strategies accordingly."
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