USD/CAD to extend its rise towards 1.3810 and October peak of 1.3980 – SocGen

The Canadian Dollar lost 1.3% on the US Dollar last week. Economists at Société Générale expect the USD/CAD pair to see further gains towards the 1.3810 mark and October peak of 1.3980. 

Further uptrend likely

“The USD/CAD pair has negated the previous Head and Shoulders and has reclaimed the 50-Day Moving Average.” 

“A move towards 1.3810 and October peak of 1.3980 is expected.”

“Last week's low at 1.3380 aligns as near term support.”

See – USD/CAD: Loonie could appreciate substantially in 2023 – NBF