Daily Forex Analysis – USD/CAD
Currently, the intraday bias for USD/CAD remains neutral, pointing to the possibility of more consolidations beneath the temporary top of 1.3695. According to our Daily Forex Analysis, an upward rally is still on the horizon as long as the support at 1.3490 holds firm. A climb above this temporary top would resume the previous rally that started at 1.3093, eyeing first the resistance at 1.3862 and subsequently, the high of 1.3978.
Broadening the focus with our Daily Analysis, the price movements emanating from the 1.3978 high are currently seen as merely a corrective phase. Upon its conclusion, we expect the ascension from the 2021 low of 1.2007 to resume, breaking through the high above. The next focal point would be the 61.8% projection of 1.2007 to 1.3978 from 1.3093, which is at 1.4311. This projection remains plausible as long as the 55-day EMA, now at 1.3447, continues to act as a support level.
Analysis Summary
Today’s Daily Forex Analysis for USD/CAD suggests a neutral intraday stance, with an underlying expectation of a further rally. Key monitoring levels include support at 1.3490 and resistances at 1.3862 and 1.3978. The longer-term trend also appears bullish, with a potential target at 1.4311.
Key Takeaways
- USD/CAD Intraday Analysis points to a neutral zone with a bullish outlook.
- Daily Analysis accentuates the role of the 55-day EMA at 1.3447 as a support.
- The pair’s longer-term trajectory targets a resistance level of 1.4311.
