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.