Economists at Société Générale analyze USD/CAD technical outlook. 

Short-term bounce is expected

USD/CAD has evolved within a range-bound consolidation since last October; a clear trend has been lacking as highlighted by crisscross moves around the 50-DMA. 

The pair is now approaching the lower limit of its range near 1.3300/1.3220 which is a crucial support. Defence of this zone is essential to avert a deeper down move. 

A short-term bounce is expected; April/May high of 1.3670 is likely to be an important hurdle