USD/CAD: Upward momentum prevails, August high at 1.3020 in the crosshairs – SocGen

USD/CAD is trading above the 1.2800 level. The pair is set to extend its advance towards the 1.2950/1.3020 neighborhood, in the view of economists at Société Générale.

USD/CAD points higher while above 1.2600

“Daily MACD has entered positive territory which points towards further upside.”

“The pair is expected to revisit the graphical hurdle of 1.2950/1.3020 consisting of August peak. If this is overcome, an extended up-move could take shape.”

“Defending 1.2600 will be crucial for continuation in rebound.”

See: 

• NFP Preview: Forecasts from 10 major banks, strong print to reinforce Fed's recent hawkish pivot

• Canadian Jobs Preview: Forecasts from five major banks, labour market to keep pressuring the BoC