USD/CAD Update And Intraday Analysis
The range trading in USD/CAD continues, with the outlook remaining unchanged. The price actions observed since 1.3976 are interpreted as a consolidation pattern in the form of a triangle. A break above 1.3666 would target the initial resistance level at 1.3864. A decisive breakthrough of 1.3864 would suggest the resumption of the larger uptrend, with the next target set at the previous high of 1.3980. However, if the price sustains a break below 1.3229, it would dampen this bullish view and shift the near-term outlook to bearish.
Zooming out to the bigger picture, the rise from the 2021 low of 1.2009 is expected to resume once the consolidation from 1.3976 completes. Upon a decisive breakthrough of 1.3976, the next target would be the long-term resistance zone between 1.4671 and 1.4693. This remains the favored scenario as long as the 38.2% retracement level of the range from 1.2009 to 1.3976, positioned at 1.3237, holds.
USD/CAD Daily Analysis Summary
To summarize, the intraday analysis for USD/CAD suggests continuing the range trading pattern, with the outlook unchanged. A break above 1.3666 would target the resistance level at 1.3864, indicating a potential resumption of the uptrend. However, a sustained breakthrough below 1.3229 would shift the near-term outlook to bearish. In the bigger picture, the rise from the 2021 low is expected to resume once the consolidation completes, with the next target set at the long-term resistance zone between 1.4671 and 1.4693. Traders and investors should closely monitor price movements and key levels to make well-informed trading decisions.
- USD/CAD range trading continues with a triangle consolidation pattern
- Break above 1.3666 targets resistance at 1.3864, indicating potential uptrend resumption
- Rise from 2021 low expected to resume through 1.3976, targeting long-term resistance at 1.4671-1.4693
