EUR/USD: Make Or Break At 1.1833/70; USD/CAD: Make Or Break At 1.2475/1.2440 - SocGen

Societe Generale FX Technical Strategy Research notes that EUR/USD has sustained above the earlier highlighted support of 1.1660/18 corresponding to lows of August and May 2016 highs.

"It will take a break above 1.1833/80 to indicate further recovery towards next retracement level at 1.1930 and then to the previous upward channel near 1.20/1.2036," SocGen argues.

Turning to USD/CAD, SocGen notes that the pair is witnessing a pause after forming a shooting star pattern.

"Daily Stochastic is closing in on a multi month graphical ceiling suggesting limited upside. A break below 1.2475/1.2440 will mean a deeper retracement towards next objectives at 1.2330, the 50 % retracement from last month lows," SocGen adds. 

Source: Societe Generale Cross Asset Research