USD/CAD: Further uptrend above 1.4550 – Société Générale

USD/CAD faced strong resistance near 1.4800 last month and has recently carved out a lower high at 1.4550, Société Générale's FX analysts note. 

Below 1.4240, USD/CAD can fall towards 1.4150 and 1.4030

"Daily MACD is within positive territory but has dipped below its trigger line highlighting receding upward momentum. A short-term pullback is taking shape. Low achieved earlier this month at 1.4240 is first layer of support. Break below this can lead to extended down move towards 1.4150 and projections at 1.4030. Resistance at 1.4550 must be overcome to confirm further uptrend."