USD/CAD slides back into multiyear range – Societe Generale

USD/CAD continues to trend lower after February's rejection at 1.48, breaking below the 200-DMA and slipping back into a multiyear range. While a short-term bounce emerged near 1.3825, failure to reclaim the 1.4000–1.4025 zone could reinforce the broader downtrend toward 1.3745 and beyond, Societe Generale's FX analysts report.

200-DMA break signals bearish momentum

"USD/CAD has experienced a steady decline after facing strong resistance at 1.48 in February. It has given up the 200-DMA and has re-entered previous multiyear range highlighting steady downward momentum."

"The pair has recently found interim support near 1.3825. A brief bounce has materialized but inability to overcome the MA at 1.4000/1.4025 could denote risk of persistence in downtrend. Next supports are located at projections of 1.3745/1.3710 and 1.3650."