USD/CAD Daily Forex Analysis
Our Daily Forex Analysis for USD/CAD reveals a continuation of range-bound trading, with a neutral intraday outlook for now. A further decrease is anticipated, assuming the resistance at 1.3390 remains intact. Breaching the 1.3095 support level will continue the broader descent, targeting the 61.8% projection of 1.3657 to 1.3119 from 1.3390, at 1.3058. Nevertheless, a firm break of 1.3390 will indicate a near-term reversal and flip the outlook to bullish.
Diving into the larger picture in our Daily Analysis, the price movements from 1.3980 are interpreted as merely a correction of the upward trend from 1.2009 (the 2021 low). Even so, a deeper dip is expected as long as the 1.3390 resistance level holds. A further drop could lead to a 61.8% retracement of 1.2009 to 1.3980, standing at 1.2762. Conversely, breaking above 1.3390 could signify the completion of the correction, triggering a stronger rally back to retest the 1.3980 level.
USD/CAD Daily Analysis Summary
The USD/CAD continues to experience range-bound trading with a neutral intraday outlook. A firm break of 1.3390 would indicate a bullish reversal, while a break of 1.3095 will resume the larger downtrend.
USD/CAD Analysis Key Points
- USD/CAD Intraday Analysis: If 1.3390 resistance holds, a further decline towards 1.3058 is expected.
- If the 1.3390 resistance breaks, a near-term bullish reversal is possible.
- The larger fall could potentially reach 1.2762, representing a 61.8% retracement of the rise from 1.2009 to 1.3980.