Detailed FX Market Outlook and Analysis

USD/CAD Daily Analysis 07-MAR-2023

USD/CAD Daily Analysis

USD/CAD is currently in a consolidation phase from 1.3664, and the intraday bias remains neutral. Further upward movement is expected as long as the 1.3474 resistance level turns into support. As previously mentioned, the corrective pattern from 1.3976 is expected to have ended at 1.3261. If the price breaks above 1.3664, it will resume the upward trend from 1.3261. Additionally, sustained trading above 1.3684 will confirm the bullish case and lead to a retest of 1.3976.

In the larger picture, the outlook for USD/CAD remains bullish, with the 1.3222 cluster support level (38.2% retracement of the move from 1.2005 to 1.3976 at 1.3223) still intact. If the price breaks above the 1.3976 resistance level, it will resume the larger uptrend from the 2021 low of 1.2005, towards the 61.8% projection of the move from 1.2401 to 1.3976, starting from 1.3261, which is located at 1.4234.

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