USD/CAD Daily Forex Analysis
Today’s Daily Forex Analysis for the USD/CAD pair indicates a neutral intraday outlook. The pair is consolidating above a temporary low of 1.3180. The bearish outlook remains intact as long as the resistance level at 1.3357 holds. A break below 1.3180 would continue the overarching decline from 1.3980, moving towards a 100% projection of the range from 1.3864 to 1.3303, drawn from 1.3657, at 1.3096.
Looking at the broader picture, the price movements from 1.3980 are currently interpreted as a correction to the uptrend from 1.2009 (low of 2021). However, the possibility of a trend reversal is on the rise given the current decline. In either scenario, persistent trading below the 38.2% retracement of the range from 1.2009 to 1.3980 at 1.3237 would pave the path toward the 61.8% retracement at 1.2762. The risk remains on the downside as long as the resistance at 1.3657 holds, even in the event of a strong rebound.
USD/CAD Daily Analysis Summary
To summarize, the USD/CAD Daily Analysis reveals a neutral intraday bias with ongoing consolidation above 1.3180. The larger trend is bearish, with the potential for a further decline towards 1.3096.
Key Points
- The USD/CAD pair exhibits a neutral intraday bias, with consolidation above 1.3180.
- The risk remains tilted toward the downside as long as the 1.3657 resistance holds.
- Further declines may target the 61.8% retracement at 1.2762, highlighting the bearish longer-term outlook.
