Detailed FX Market Outlook and Analysis

USD/CAD Intraday Outlook: Range-Bound Trading Continues

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USD/CAD Daily Forex Analysis

The USD/CAD pair continues to exhibit a neutral intraday outlook, persisting in its range-bound trade. Provided the resistance at 1.3390 remains unbroken, a further downward shift seems plausible. Should the minor support at 1.3246 falter, we can anticipate a continuation of the larger falling trend that surpasses the 1.3095 low. However, a strong break above 1.3390 would suggest a near-term reversal, shifting the Daily Forex Analysis to a bullish perspective.

On a larger scale, the price movements from 1.3980 in 2022 are perceived as a mere correction to the upward trend that started at 1.2009 during 2021’s low. Despite this, our Daily Analysis suggests a deeper fall could be on the cards if the 1.3390 resistance persists. This could bring the pair down to a 61.8% retracement from 1.2009 to 1.3980 at 1.2762. If 1.3390 is breached, however, this could signal the end of the correction, igniting a robust rally to retest 1.3980.

USD/CAD Daily Analysis Summary

In summary, our USD/CAD Intraday Analysis indicates a bearish inclination provided the resistance at 1.3390 holds. A break below 1.3246 could reignite the larger downward trend, while a decisive break above 1.3390 would suggest a near-term reversal and a bullish shift.

Key points to note:

  • The USD/CAD pair displays a neutral intraday outlook.
  • A robust break above 1.3390 could shift the outlook to bullish.
  • Should 1.3246 support fail, expect a continuation of the larger downtrend.

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