USD/CAD Daily Forex Analysis
The current intraday bias in the USD/CAD pair appears to be neutral, according to our Daily Forex Analysis. With the resistance at 1.3390 still in place, a continued descent appears mildly likely. A drop below the minor support of 1.3264 could ignite a broader decline beyond the low of 1.3095. On the flip side, a convincing breach of the 1.3390 resistance could signify a near-term reversal and tilt the Intraday Analysis towards a bullish forecast for the forthcoming 1.3657 resistance.
When viewed from a wider perspective, the price movements from 1.3980 in 2022 are considered to be merely a corrective phase within the upward trend commencing from 1.2009 (the low of 2021). Our Daily Analysis suggests that as long as the 1.3390 resistance holds, a more profound drop is anticipated. This could lead to a fall to a 61.8% retracement from 1.2009 to 1.3980, landing at around 1.2762. Conversely, a break above 1.3390 could be indicative of the end of the correction phase, sparking a potent rally to retest the high at 1.3980.
USD/CAD Daily Analysis Summary
In conclusion, the USD/CAD Intraday Outlook remains neutral for now. A breach below 1.3264 might stimulate a broader downtrend, while a significant break above 1.3390 could suggest a near-term reversal and shift to a bullish outlook.
Main takeaways:
- The USD/CAD pair maintains a neutral intraday bias.
- A break below 1.3264 could spark a broader decline.
- A firm break above 1.3390 could indicate a bullish shift and near-term reversal.
