The USD/CAD continues its descent after falling below the 200 DMA, now around a long -term trend line. While impulse indicators show some signs of stabilization, the technical panorama is still fragile without a clear rebound, says the divine analysts of Société Générale.
MACD divergence suggests a weakening of the bearish impulse
“The USD/CAD has extended the downward movement after giving the 200 DMA (now in 1,4030). It is in an upward trend line drawn since 2021. The Daily MACD has begun to show positive divergence, highlighting the decline of the impulse down, however, the signs of a significant bounce are not yet visible.”
“The MA in 1,4030 is a short -term resistance. The inability to overcome this obstacle can lead to persistence in the decline towards the next projections in 1,3610/1,3570 and the minimum last September of 1,3420.”
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
