Daily Forex Analysis – USD/CAD
The Intraday Analysis for USD/CAD reflects a current neutral stance. A breach of 1.3382 could signify the continuation of the descent from 1.3697, marking another phase in the corrective sequence originating from the 1.3980 high. This could lead to a 61.8% retraction from 1.3095 to 1.3697 at 1.3325. Nonetheless, a substantial rupture at 1.3552 would shift the bias in favor of the upside, aiming for a retest of 1.3697.
For our Daily Forex Analysis, we perceive the price motions from 1.3980 as a correction in the upward trend that started at 1.2009 in 2021. This correction seems to be broadening, hinting at the possibility of a more profound slump. However, any downward movement should find a limit at the 50% retraction of 1.2009 to 1.3800 at 1.2995. The ascent from 1.2009 is anticipated to pick up once the correction concludes, as per our extensive Daily Analysis.
Analysis Summary
The Daily Forex Analysis indicates a neutral intraday bias in USD/CAD, with the potential resumption of the fall from 1.3697 or a firm break of 1.3552 leading to a retest of the same. The ongoing price actions are seen as a corrective pattern, with the rise from 1.2009 expected to continue post-correction.
Key Points
- USD/CAD holds a neutral intraday stance with a possible break at 1.3382.
- Substantial rupture at 1.3552 could shift the bias to the upside.
- Current price actions from 1.3980 are viewed as a correction to the upward trend from 1.2009.
