The Canadian Dollar lost 1.3% on the US Dollar last week. Economists at Société Générale expect the USD/CAD pair to see further gains towards the 1.3810 mark and October peak of 1.3980.
Further uptrend likely
“The USD/CAD pair has negated the previous Head and Shoulders and has reclaimed the 50-Day Moving Average.”
“A move towards 1.3810 and October peak of 1.3980 is expected.”
“Last week's low at 1.3380 aligns as near term support.”
See – USD/CAD: Loonie could appreciate substantially in 2023 – NBF