USD/CAD: breaking above a descending trend – SocGen

Research Team at Societe Generale, notes that after reintegrating within a multiyear upward channel USD/CAD achieved key level of 1.2850, graphical levels consisting of last March highs and October lows.

Key Quotes

“Daily MACD is crossing above its signal line suggesting 1.2850 as important support and only a weekly close below will mean extension in down move.”