USD/CAD Charts Suggest Challenge of 1.3735, Further Attempt Says SocGen

MT Newswires Live06-04

USD/CAD recovery off the 1.36 handle on Monday keeps this year's uptrend intact and creates scope for a test of resistance around 1.3735 before a possible attempt on last year's high near 1.39, according to Societe Generale strategists.

"The decline has so far remained contained near the ascending trend line drawn since January at 1.3600, which is also the 200-DMA. This is an important support," the SocGen strategists said in a Tuesday note to clients.

"A brief bounce is likely towards the recent pivot high of 1.3735. Crossing this can lead to a larger up move towards 1.3860/1.3900," they added.

USD/CAD had fallen to 1.36 following Friday's softer-than-expected MoM reading of the US Core PCE price index, and remained close to that level on Monday after the ISM Manufacturing PMI surprised on the soft side of expectations for May.

However, a broad strengthening of the US dollar led USD/CAD to be quoted 0.43% higher, around 1.3687, on Tuesday.

The pair is also likely to be sensitive to Wednesday's Bank of Canada interest rate decision, Wednesday's ISM Services PMI and Friday's non-farm payrolls report, which could act as catalysts for further gains.

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