Detailed FX Market Outlook and Analysis

USD/CAD Daily Analysis 31-MAY-2023

Daily Forex Analysis

USD/CAD Update and Intraday Analysis

In light of our daily analysis, the USD/CAD pair shows an unbiased intraday outlook for the time being. The fluctuations that started from 1.3980 are interpreted as a triangle consolidation pattern. An upward movement beyond the 1.3670 mark could aim for the first resistance point at 1.3864. A strong surge past 1.3864 could signal the resumption of the more prominent uptrend, with a target to cross the high at 1.3980.

Expanding our perspective in our daily update, the rise from 1.2009 (the 2021 low) is anticipated to carry on through 1.3980 after the conclusion of the current consolidation phase. A convincing break above 1.3980 would shift the focus toward the long-term resistance zone between 1.4671 and 1.4689. This scenario holds the most favor as long as the 38.2% retracement from 1.2009 to 1.3980, currently at 1.3237, remains intact.

  • USD/CAD unbiased intraday outlook. The upward move targets 1.3864 resistance, signaling an uptrend resumption.
  • The rise from the 2021 low is expected to continue through 1.3980. The break above shifts focuses to the 1.4671-1.4689 resistance zone if the 1.3237 retracement holds.

USD/CAD Daily Analysis Summary

In summary, USD/CAD has an unbiased intraday outlook. Fluctuations suggest a triangle consolidation pattern. Break above 1.3670 could target 1.3864 resistance, signaling uptrend resumption. Rise from 2021 low expected to continue beyond 1.3980, with focus shifting to long-term resistance zone between 1.4671 and 1.4689. Retracement at 1.3237 must remain intact for this scenario.

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