USD/CAD correction might extend to 1.20 – SG

FXStreet (Barcelona) - Technical Analysts at Societe Generale, note that technicals suggest USD/CAD correction might extend further towards 1.20 levels.

Key Quotes

“USD/CAD has violated a two month consolidation zone and the (nearly) horizontal support of 1.24. It has confirmed a head and- shoulder pattern. With the daily RSI breaching a horizontal support, the corrective move should extend further towards 1.22 and even 1.20, the monthly channel limit.”