USD/CAD Daily Forex Analysis
As part of the daily Forex analysis, we continue to monitor the USD/CAD pair, where the intraday bias presently remains neutral. Our attention is particularly directed at the 1.3302 support level. An upward shift, evidenced by breaking the resistance at 1.3463, would tilt the bias back in favor of a rise, possibly reaching the resistance at 1.3656, thereby extending the triangle consolidation pattern originating from 1.3979. On the contrary, a sustained break below the 1.3302 support would suggest that a more significant corrective decline is underway, with a target projection of 1.3095, reflecting the 100.0003% projection of the movement from 1.3863 to 1.3302, as calculated from 1.3656.
Moving towards a broader daily update, we anticipate a resurgence of the upward trend from the 2021 low of 1.2008 to occur via 1.3979 post-consolidation. In the event of a decisive break above 1.3979, the next target is set within the long-term resistance zone of 1.4670/1.4689. As long as the 38.2% retracement of the rise from 1.2008 to 1.3979, located at 1.3236, holds, this scenario will remain preferable. Conversely, a prolonged break below the 1.3236 level will open the path toward the 61.8% retracement at 1.2761, thereby elevating the likelihood of a bearish reversal.
USD/CAD Daily Analysis Keynotes
- USD/CAD intraday bias remains neutral, closely observing the 1.3302 support level
- An upward trend could be reinstated with the break of 1.3463 resistance, aiming for 1.3656
- A sustained break below 1.3302 could indicate a significant corrective decline, targeting 1.3095