Detailed FX Market Outlook and Analysis

Daily Forex Analysis – USD/CAD – 15-June-2023

USD/CAD Daily Forex Analysis

USD/CAD Daily Forex analysis

The USD/CAD pair staged a revival after a brief drop to 1.3275, thus maintaining a neutral intraday outlook. A solid bounce from the current level, along with a breach of the 1.3464 resistance, would confirm a short-term bottom. This would swing the intraday bias back towards the upside, targeting the 1.3657 resistance and extending the consolidation pattern from 1.3980. However, a conclusive break of the 1.3228 support would signal that a broader correction is in motion, aiming for the 100% projection of 1.3864 to 1.3303 from 1.3657 at 1.3096.

In our comprehensive daily forex analysis, we anticipate the rise from 2021’s low (1.2009) to resume towards 1.3980 after the consolidation phase completes. A decisive break past 1.3980 would set the next target within the long-term resistance zone between 1.4671 and 1.4693. This scenario remains preferred as long as the 38.2% retracement of 1.2009 to 1.3980 at 1.3237 stands firm. Nevertheless, a sustained breach of 1.3237 would open the path to the 61.8% Fibonacci retracement at 1.2762, thereby increasing the likelihood of a bearish reversal.

USD/CAD Daily Analysis Summary

our USD/CAD intraday analysis sees a neutral stance with a potential upside if the 1.3464 resistance is broken. However, a decisive breach of the 1.3228 support could signal a broader correction down to 1.3096. The long-term outlook suggests a rise to 1.3980 unless the 1.3237 support is significantly broken.

Key Points

  • USD/CAD intraday analysis remains neutral with a potential upside if the 1.3464 resistance is breached.
  • A decisive break below the 1.3228 support could signal a larger correction to 1.3096.
  • As per daily forex analysis, the rise from 1.2009 is expected to continue towards 1.3980 unless 1.3237 support is broken.

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