USD/CAD could remain rangebound roughly within 1.3230 and 1.3660/1.3700 – SocGen

USD/CAD struggles for a firm direction stuck in a range around 1.34. Price action could remain rangebound, economists at Société Générale report. 

Levels of 1.3000/1.2950 should be a significant support zone

“A clear direction is lacking as highlighted by crisscross moves around the 50DMA. The price action could remain rangebound roughly within limits of 1.3230 and 1.3660/1.3700. Reclaiming the upper end of this consolidation can lead to resumption in uptrend.” 

“In case a deeper decline materializes, graphical levels of 1.3000/1.2950 should be a significant support zone.”

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