Daily Forex Analysis – USD/CAD
In today’s Daily Forex Analysis, the Intraday Outlook for USD/CAD suggests a continued consolidation phase, hovering slightly above 1.3695. The prospect for a rally remains viable, contingent on the critical 1.3490 support level not being breached. A climb past 1.3695 would invigorate the bullish momentum originating from 1.3093, steering the pair towards 1.3862 and eventually targeting the 1.3978 pinnacle.
Zooming out for our Daily Analysis, the currency movements from 1.3978 are construed as mere adjustments. This sets the stage for a potential resumption of the rally initiated at 1.2007 during 2021. The subsequent aim is the 61.8% Fibonacci extension level of 1.4311 calculated from the swings of 1.2007 to 1.3978 and originating from 1.3093. This projection will hold water as long as the 55 D EMA, presently situated at 1.3465, remains intact.
Analysis Summary
In this Daily Forex Analysis, the USD/CAD pair’s intraday outlook is cautiously optimistic, with consolidation expected to continue around the 1.3695 level. Key support at 1.3490 and a bullish larger-picture perspective pave the way for potential gains.
Key Points:
- Intraday consolidation around 1.3695 in USD/CAD.
- Bullish rally possible if 1.3490 support holds.
- Long-term rise could resume, targeting 1.4311.
