Detailed FX Market Outlook and Analysis

USD/CAD Daily Analysis 03-MAR-2023

USD/CAD Daily Analysis

The intraday bias for USD/CAD is currently neutral, as consolidation continues from 1.3664. There is a favorable chance of a further rally as long as the support level turned resistance at 1.3474 remains intact. A breach of 1.3664 would resume the upward trend from 1.3261. In addition, sustained trading above 1.3684 would confirm the completion of the corrective pattern from 1.3976 and bring about a retest of this high.

Looking at the broader picture, the outlook remains bullish, with the cluster support at 1.3222 (38.2% retracement of the range between 1.2005 and 1.3976 at 1.3223) still intact. A break of the resistance level at 1.3976 would revive the larger uptrend from 1.2005 (the 2021 low) to the 61.8% projection of the range between 1.2401 and 1.3976 from 1.3261 at 1.4234.

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