Daily Forex Analysis – USD/CAD
In today’s Daily Forex Analysis, the spotlight is on the USD/CAD pair. The Intraday Outlook for USD/CAD suggests a neutral bias, but a further uptrend could be in store as long as the support at 1.3490 holds its ground. A climb past the 1.3695 level will likely renew the uptrend, aiming initially for the resistance at 1.3862, and subsequently, the previous high at 1.3978. Conversely, a decisive break below 1.3490 would flip the intraday bias to a bearish one, signaling a more profound pullback.
Shifting to the Daily Analysis on a grander scale, the currency behavior since reaching 1.3978 is deemed a corrective pattern. The 55-day EMA, now situated at 1.3467, acts as robust support, bolstering the idea that the correction could already be complete with a downturn to 1.3093. A breach above 1.3978 would set sights on a 61.8% projection level, which is at 1.4311. Nevertheless, if the pair continuously trades below the 55-day EMA, it implies the correction may extend through another downward phase before reaching its finale.
Analysis Summary
Today’s Daily Forex Analysis of the USD/CAD pair reveals a neutral intraday outlook, but the broader landscape leans bullish as long as 1.3490 support persists. A definitive break below this level, however, would tilt the balance in favor of a deeper retracement.
Key Bullet Points
- USD/CAD Intraday Outlook remains neutral; pivotal support at 1.3490
- Breaching 1.3978 aims for 1.4311 target
- Sustained trading below the 55-day EMA could prolong the correction.
