USD/CAD: Test of 1.2950/1.3020 is expected – SocGen

USD/CAD trades closer to mid-1.2700s. While above the 200-day moving average (DMA) at 1.25, a test of 1.2950/1.3020 is on the cards, economists at Société Générale report.

Near-term support located at 1.2500/1.2480

“The 200-DMA near 1.2500/1.2480 is near-term support.”

“Holding above the 200-DMA around 1.2500/1.2480, the pair could attempt a revisit of graphical levels at 1.2950/1.3020.”