Short-term price action can remain within a range – Societe Générale

USD/CAD has evolved within a brief pause after facing interim resistance near 1.4470/1.4515, Societe Générale’s FX analysts report.

The up move can extend towards 1.4610 and 1.4670

“It is at a steep ascending trend line; the 50-DMA near 1.4260 is a crucial support in short-term. Only if this is breached would there be risk of a deeper pullback.”

“Short-term price action could remain within a range. A move beyond 1.4470/1.4515 is essential to confirm next leg of uptrend. If this break materializes, the up move could extend towards projection of 1.4610 and 1.4670.”