Daily Forex Analysis – USD/CAD
Currently, the intraday momentum for USD/CAD is geared towards the upside, primarily targeting a retest of the 1.3788 mark. Surpassing this threshold would pave the way for continuing the more expansive ascent from the 1.3095 base, eventually taking aim at the 1.3980 peak. Yet, it’s crucial to monitor the 1.3619 support line. A break below this point could potentially usher in another downward phase, extending the short-term correction initiated from 1.3788.
Looking at the broader perspective, the unfolding developments bolster the argument that the correction, which began from the 2022 peak of 1.3980, has come full circle with a triple decline ending at 1.3095. A conclusive breakthrough past the 1.3980 high will validate the resurgence of the bullish wave that started at the 2021 low of 1.2009. The next objective in this scenario would be reaching the 61.8% projection of the rise from 1.2405 to 1.3980, set at 1.4068. This anticipated trajectory is presumed to be the dominant narrative as long as the 1.3382 foundational support remains unbreached.
Analysis Summary
The USD/CAD exhibits an upward intraday bias, with sights on 1.3788 and possibly 1.3980. However, any dip below 1.3619 could change the course. A broader viewpoint suggests a resurging bullish trend if foundational supports hold.
Key Points:
- Intraday focus on USD/CAD is the 1.3788 retest.
- The 1.3619 support level is pivotal for short-term dynamics.
- A decisive breach of 1.3980 could signal a sustained uptrend.
