Daily Forex Analysis – USD/CAD
The Daily Forex Analysis suggests that USD/CAD’s upward momentum remains firmly in place. The prior corrective dip, originating from 1.3980, seems to have wrapped up with its downturn halted at 1.3095. Anticipations are set for a retest of the 1.3657 resistance, with a potential break above this point providing stronger evidence towards the 1.3980 peak. As it stands, as long as the 1.3375 support remains unbroken, the rally should persist. Switching to a broader perspective in our Daily Analysis, the movements stemming from 1.3980 appear to be merely a temporary retracement. Once thisphase concludes, the surge that began at 1.2009 (from 2021’s lowest point) could very well accelerate past 1.3980, targeting the significant resistance bracket of 1.4671/1.4693. If a downturn does occur, it’s anticipated to find a floor at the 61.8% retracement level of 1.2762, established between 1.2009 and 1.3980.
Analysis Summary
USD/CAD’s bullish momentum persists with eyes on 1.3657 resistance. The decline from 1.3980 is seen as a mere retracement in the Daily Forex Analysis. A potential ascent beyond 1.3980 could challenge the 1.4671/1.4693 resistance realm.
Key Points
- USD/CAD bullish stance targets 1.3657 resistance.
- Larger view anticipates a rise beyond 1.3980 towards 1.4671/1.4693.
- Support is anticipated at 1.2762 if a bearish turn ensues.
