Detailed FX Market Outlook and Analysis

Daily Forex Analysis – USD/CAD – 18-July-2023

Daily Forex analysis

USD/CAD Daily Forex Analysis

Our Daily Forex Analysis indicates a steady intraday bias for the USD/CAD pair, with the outlook leaning bearish as long as the 1.3390 resistance remains unbroken. A drop below 1.3095 could suggest the resumption of a more substantial decline towards the 61.8% projection of 1.3657 to 1.3119, which is at 1.3058. However, a solid break above 1.3390 would suggest a near-term trend reversal, potentially shifting the outlook to bullish.

Delving into a more comprehensive Daily Analysis, the price movements stemming from 1.3980, identified as a correction to the uptrend originating from the 2021 low of 1.2009, are still ongoing. Despite this, a deeper decline is anticipated if the 1.3390 resistance remains intact. We could witness a further drop towards the 61.8% retracement of 1.2009 to 1.3980, located at 1.2762. On the flip side, breaking above 1.3390 would signal the completion of the correction and potentially trigger a more robust rally back to test 1.3980.

USD/CAD Daily Analysis Summary

USD/CAD’s intraday bias holds steady, with a bearish outlook persisting as long as the 1.3390 resistance remains intact. A solid break above this level could signal a near-term trend reversal, shifting the outlook to bullish.

Key Points:

  • Intraday Analysis: USD/CAD maintains steady bias; bearish outlook persists with 1.3390 resistance.
  • A drop below 1.3095 could signal a larger decline towards 1.3058.
  • A break above 1.3390 could indicate a near-term trend reversal and initiate a stronger rally back towards 1.3980.

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