Daily Forex Analysis – UAD/CAD
The Daily Forex Analysis for USD/CAD suggests a continued upward momentum. Our Intraday Analysis indicates the prevailing upside sentiment, stemming from a corrective dip which saw lows of 1.3095. The potential for a retest of the 1.3657 resistance level exists. Breaching this level might indeed pave the way for an ambitious target of 1.3980. The immediate support benchmark stands at 1.3375, which, if retained, may bolster the currency’s bullish outlook.
Looking from a broader perspective in our Daily Analysis, the fluctuations around the 1.3980 mark are perceived to be mere corrections. If this correction phase concludes, we anticipate the surge initiated from 1.2009 (a notable low in 2021) to regain momentum, pushing it beyond 1.3980 and perhaps challenging the 1.4671/93 resistance sector in the long run. Conversely, should there be a descent, we forecast it to be restricted, potentially by the 61.8% retracement of the movement from 1.2009 to 1.3980, which sits around 1.2762.
Analysis Summary
The Daily Forex Analysis portrays a bullish phase for USD/CAD, predicting a possible retest of 1.3657 and an eventual aim for 1.3980. The broader view foresees the upward journey from 2021’s low (1.2009) reigniting post any brief corrections, with a long-term resistance target of 1.4671/93.
Key Points
- USD/CAD eyes retest of 1.3657 resistance.
- Long-term surge from 1.2009 could challenge 1.4671/93.
- Immediate support stands at 1.3375.
