Daily Forex Analysis – USD/CAD
The intraday outlook for USD/CAD seems to have stabilized, hinting at possible short-term consolidations. Nonetheless, the bullish sentiment remains intact, given the 1.3382 support level continues to endure. Should the pair surpass 1.3782, we could witness a continuation of its ascent from 1.3095, aiming for a projection target of 1.3984.
The current trajectory suggests the possibility that the corrective phase, which started from the 1.3980 pinnacle of 2022, might have concluded its three-wave descent at 1.3095. A confident surge past this 2022 high would reinforce the continuation of the bullish trend originating from the 1.2009 low of 2021. The subsequent landmark to watch would be the 1.4068 level, calculated as a 61.8% projection from the rise between 1.2405 and 1.3980, beginning at 1.3095. The currency pair’s trajectory leaning toward this direction is contingent on the steadfastness of the 1.3382 support.
Analysis Summary
USD/CAD’s intraday trend appears stable, forecasting near-term consolidation. However, bullish undertones persist, eyeing 1.3984 if 1.3782 is surpassed. The broader perspective hints at a possible bullish continuation, given critical supports remain unbreached.
Key Points
- Intraday USD/CAD viewpoints to brief consolidations.
- Bullish momentum targets 1.3984, contingent on 1.3382 support.
- Broader outlook revisits 2022’s highs, eyeing potential ascent to 1.4068.
