Daily Forex Analysis – USD/CAD
The USD/CAD pair currently exhibits a modest tilt towards the bearish side in its intraday demeanor, with its overall outlook remaining consistent. Though there’s potential for the pullback, which initiated at 1.3788, to delve further south, optimism persists, especially when the 1.3382 support threshold remains undisturbed. A rally past the minor resistance set at 1.3679 would, however, recalibrate this bias, ushering in momentum to potentially challenge the 1.3788 marker once more.
From a more expansive lens, emerging patterns breathe life into the theory that the corrective wave, originating from the 2022 zenith of 1.3980, has witnessed its completion after three distinct downturns culminating at 1.3095. A forceful surge beyond the 1.3980 barrier would substantiate claims of the uptrend, which had its roots in the 2021 nadir of 1.2009, resuming its course. The subsequent milestone in this bullish trajectory is identified at 1.4068, derived from the 61.8% projection between 1.2405 and 1.3980, using 1.3095 as a base. This scenario continues to be the primary expectation, contingent upon the steadfastness of the 1.3382 support.
Analysis Summary
With a subtle bearish inclination, the USD/CAD pair is governed by key levels like 1.3382 and 1.3679 in the short term. In contrast, the broader analysis suggests an emerging bullish trend, aiming to surpass the 2022 high of 1.3980 and targeting 1.4068, provided foundational support remains intact.
Key Takeaways
- Current bearish tendency in USD/CAD might delve deeper from 1.3788.
- Breaching 1.3679 could revive upward momentum, challenging 1.3788.
- The broader trend indicates a bullish ascent with eyes set on surpassing 1.3980, targeting 1.4068.
