USD/CAD Update and Intraday Analysis
The daily analysis of USD/CAD remains neutral as the market continues range trading. The price actions observed since 1.3976 are identified as a triangle consolidation pattern. A breakthrough above 1.3666 would initially target the resistance level at 1.3860. A firm break above 1.3860 would suggest that the larger uptrend is prepared to resume, with the next target set at the previous high of 1.3976. 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 anticipated to resume once the consolidation phase from 1.3976 completes. Upon a decisive breakthrough of 1.3976, the next target would be the long-term resistance zone between 1.4667 and 1.4691. This scenario will remain the preferred case 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 daily analysis for USD/CAD suggests a neutral bias as the market remains in a range trading pattern. A breakthrough above 1.3666 would target the resistance level at 1.3860, indicating the potential resumption of the uptrend. However, a sustained break 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, targeting the long-term resistance zone.
- USD/CAD intraday bias remains neutral within the range of trading
- Price actions indicate a triangle consolidation pattern
- Break above 1.3666 targets resistance at 1.3860, signaling potential uptrend resumption
- A sustained break below 1.3229 dampens the bullish view, turning the near-term outlook bearish
- Rise from 2021 low expected to resume after consolidation, targeting long-term resistance zone