The USD/CAD continues in a downward trend after February rejection in 1.48, breaking below the 200 -day mobile average and sliding again to a range of several years. Although a short -term rebound has emerged about 1,3825, the inability to recover the 1.4000–1,4025 area could reinforce the broader bearish trend towards 1,3745 and beyond, FX analysts of Societe Generale report.
Rupture of the 200 -day mobile average indicates bear impulse
“The USD/CAD has experienced a constant decline after facing a strong resistance in 1.48 in February. It has renounced the 200 -day mobile average and has re -entered the previous range of several years, highlighting an impulse to the constant decline.”
“The PAR has recently found an interim support about 1.3825. A brief rebound has materialized, but the inability to overcome the MA in 1.4000/1,4025 could denote persistence risk in the bearish trend. The next supports are located in projections of 1,3745/1,3710 and 1,3650.
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.
