Daily Forex Analysis – USD/CAD
The USD/CAD pair consolidates at 1.3901, maintaining a neutral intraday bias. A further decline is possible but the 38.2% Fibonacci retracement of the 1.3095 to 1.3901 range, at 1.3593, should contain it and prompt a rebound. A break above 1.3901 later could resume the larger rally.
In the broader view, the corrective pattern from the 2022 high of 1.3980 appears complete with three waves down to 1.3095. A decisive break above the 1.3980 high will confirm the uptrend resumption from the 2021 low of 1.2009. The next target is the 61.8% projection from 1.2405 to 1.3980 starting at 1.3095, which is 1.4068. This scenario stays likely as long as the 1.3382 support remains intact.
Analysis Summary
The USD/CAD pair consolidates around 1.3901 with a neutral intraday bias. A minor decline could find support at 1.3593, leading to a rebound. The key level to watch is 1.3980; breaking this could confirm a continued uptrend, with 1.4068 as the next target.
Key Points
- USD/CAD consolidates at 1.3901.
- Key support at 1.3593, rebound possible.
- A break above 1.3980 indicates the continued uptrend.
