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22 May 2015
USD/CAD expected to continue higher towards 1.24 – SG
FXStreet (Barcelona) - Technical Analysts at Societe Generale, predict USD/CAD to extend gains towards 1.24 levels, with risk tilted towards a further upside recovery.
Key Quotes
“USD/CAD hit the earlier highlighted channel limit at 1.20/1.1970 and would most likely form a bullish engulfing if the upcoming weekly close is mostly positive. Weekly RSI is inching higher from the graphical level of 50% highlighting 1.20/1.1970 as an important level. The ongoing rebound is likely to continue towards the neckline of the H&S pattern at 1.24. A sustained move above will stretch the recovery further.”
Key Quotes
“USD/CAD hit the earlier highlighted channel limit at 1.20/1.1970 and would most likely form a bullish engulfing if the upcoming weekly close is mostly positive. Weekly RSI is inching higher from the graphical level of 50% highlighting 1.20/1.1970 as an important level. The ongoing rebound is likely to continue towards the neckline of the H&S pattern at 1.24. A sustained move above will stretch the recovery further.”