Daily Forex Analysis – USD/CAD
In today’s Daily Forex Analysis, the Intraday Analysis for USD/CAD indicates a bearish tone for the time being. The ongoing decline, originating from 1.3695, is perceived as an additional downturn in the corrective phase, which started at 1.3978. A more significant drop can be expected, targeting the 61.8% retracement level at 1.3323. If this level is decisively breached, eyes will be on the next support at 1.3093. However, surpassing the minor resistance at 1.3494 could neutralize the intraday outlook, leading to initial consolidation before another potential dip.
Zooming out for our Daily Analysis, the current price fluctuations from 1.3978 appear as a correction within the broader uptrend that began at 1.2007 in 2021. While the corrective pattern may extend further downwards, it’s likely that the decline will find a floor around the 50% retracement level at 1.2993, situated between the 2021 low and the high at 1.3798. After this correction phase wraps up, we anticipate that the upward trend from 1.2007 will regain its momentum.
Analysis Summary
Today’s Daily Forex Analysis points to a short-term bearish outlook for USD/CAD, with key support and resistance levels to watch. The broader trend remains bullish, pending completion of the current corrective phase.
Key Points
- Short-term bearish Intraday Analysis for USD/CAD targets 1.3323.
- Minor resistance at 1.3494 could lead to brief consolidation.
- Long-term outlook remains bullish, with a key floor around 1.2993.
