USD/CAD Daily Forex Analysis
The USD/CAD Intraday Outlook suggests a positive tilt. The latest trends imply that the retracement from 1.3979 might have wrapped up, having formed a three-wave pattern dropping to 1.3094. Anticipations are leaning towards an upward rally, targeting the 1.3656 resistance zone. A successful breach of this level could further solidify the bullish stance, aiming for the 1.3979 peak. However, any decline below the 1.3321 minor support could introduce ambiguity, prompting a shift to a neutral Daily Analysis stance.
Delving deeper into the wider Daily Analysis perspective, the currency movements originating from 1.3979 are interpreted as merely a corrective phase. Once this phase concludes, the ascendancy from 1.2008 (reflecting the low of 2021) is predicted to restart, crossing the 1.3979 mark, and potentially heading towards the long-term resistance arena set between 1.4670 and 1.4692.
USD/CAD Daily Analysis Summary
USD/CAD showcases bullish undertones in its current trajectory. While an upward rally towards 1.3656 seems likely, a dip below 1.3321 might neutralize this bullish momentum.
Key Takeaways:
- Upward momentum targets 1.3656 resistance; breaking this may aim for 1.3979.
- A slip below 1.3321 could reintroduce a neutral outlook.
- The larger trend views movements from 1.3979 as a mere correction, suggesting potential rises towards 1.4670-1.4692 resistance range.
