USD/CAD Intraday Outlook
The current intraday bias for USD/CAD suggests a continuing upward trend. Further elevation in the pair’s value is anticipated, potentially retesting the 2022 high of 1.3978. While minor support exists at 1.3623, a dip below this level would only change the intraday outlook to neutral. Nonetheless, as long as the support level at 1.3490 remains intact, the Daily Forex Analysis for USD/CAD retains a bullish perspective, even if there is a minor pullback.
Broader Perspective
From a more extensive standpoint, the price movements originating from 1.3978 are perceived as merely part of a corrective sequence. Once this pattern concludes, it’s likely that the uptrend which started at 1.2007 (the low point of 2021) will resume, breaking past 1.3978. The subsequent focal target lies at 1.4311, calculated as the 61.8% projection of the move from 1.2007 to 1.3978, measured from 1.3093. In this Daily Analysis, maintaining above the 55-day Exponential Moving Average (EMA), currently standing at 1.3438, reinforces this bullish outlook.
Analysis Summary
The USD/CAD Daily Forex Analysis suggests a bullish intraday and long-term outlook. Key supports at 1.3623 and 1.3490 bolster this perspective. The next significant resistance is set at 1.4311, underpinned by a robust 55-day EMA.
Key Takeaways
- USD/CAD Intraday Analysis suggests an upward trend, targeting the 2022 high of 1.3978.
- Daily Analysis supports a long-term bullish outlook with the next key target at 1.4311.
- 55-day EMA at 1.3438 serves as a critical support, reinforcing the bullish stance.
