Canadian Dollar: Firmer against US Dollar – Societe Generale
Societe Generale strategists highlight that USD/CAD is tactically expensive versus the 2-year spread and has recently met resistance near 1.4250 before retracing toward 1.4130. They view this area as potential support but warn that a break lower could trigger a deeper pullback toward 1.4075 and the 50-DMA near 1.3950, framing near-term downside risks for the pair.
Key support eyed near 1.4130
"USD/CAD encountered interim resistance around 1.4250 last month and has since retraced toward the upper boundary of its previous broad consolidation range near 1.4130, which could serve as a potential support."
"It will be interesting to observe whether the pair can hold above this support."
"Should a break below 1.4130 materialize, USD/CAD may embark on a deeper pullback."
"The next objectives could be located at projections of 1.4075, followed by the 50-DMA near 1.3950."
"USD/CAD expensive based on 2y spread"
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Sui Ecosystem Activity Expands Across DeFi
Cboe and S&P DJI discuss tokenized options to boost onchain derivatives
Silver price retreats as rising US yields, Hormuz tensions bolster US Dollar
U.S. August JOLTS job openings fall to a 5-month low, missing expectations for the third consecutive month
In August, job openings in the United States fell to 7.079 million, below economists' expectations of 7.228 million. Job vacancies in the real estate and rental sector were only 50,000, nearly halved from the previous month. The quit rate remained at 1.9%, matching the lowest level since 2020. The ratio of job vacancies to unemployed persons dropped to 1.0. Analysts have noted that net hires implied by the JOLTS report have been lower than the nonfarm payroll report for three consecutive months, indicating a significant downside risk for this Friday’s nonfarm payroll data.
Crypto prices
More
