Daily Forex Analysis – USD/CAD
The scenario in USD/CAD continues to be steady, and the consolidation from 1.3382 is ongoing, as detailed in our Daily Forex Analysis. The prospects of a further decline are slightly favored. A breach of 1.3382 will rekindle the descent from 1.3697, serving as another phase in the corrective configuration from the 1.3980 zenith, aiming for the 61.8% retracement of 1.3095 to 1.3697 at 1.3325. Conversely, a decisive fracture of 1.3552 will alter the inclination towards the upside, paving the way for a reevaluation of 1.3697.
Delving deeper into the broader Daily Analysis, the price maneuvers emanating from 1.3980 are interpreted as a corrective sequence to the ascending trajectory from 1.2009 (the nadir of 2021). A more substantial retraction is plausible as the pattern is presently unfolding. However, any downward movement should be restrained by the 50% retracement of 1.2009 to 1.3800 at 1.2995. The ascension from 1.2009 is anticipated to recommence once the correction reaches its culmination, highlighting the USD/CAD Intraday Analysis.
Analysis Summary
The Daily Forex Analysis delineates a consistent outlook in USD/CAD, with an ongoing consolidation from 1.3382. A further decline is slightly preferred, with a break of 1.3382 resuming the fall towards 1.3325. The broader perspective sees the actions as a corrective pattern, with a substantial decline likely, but the rise from 1.2009 is expected to reinitiate post-correction.
Key Points
- USD/CAD remains consistent with a mild inclination towards a decline.
- A decisive break of 1.3552 could redirect the bias to the upside, retesting 1.3697.
- The broader pattern is corrective, with expectations of a rise resuming post-correction.
