Daily Forex Analysis – USD/CAD
USD/CAD Intraday perspective reveals a prevailing bullish sentiment. Originating from 1.3095, the current upward momentum is set to approach the 61.8% projection mark of 1.3754. A decisive breach at this juncture paves the path towards the 1.3984 milestone. However, any dip below the 1.3658 support might pause this bullish tone, rendering the immediate bias as neutral.
Expanding on a broader scale, there’s a rejuvenated perspective that the correction which began from 1.3980 (a notable high from 2022) has achieved its completion, ending in a three-wave pattern at 1.3095. A definitive surge beyond 1.3980 will be indicative of the bullish trend resuming its course from the 1.2009 level recorded in 2021. The subsequent bullish target is discerned at 1.4068. Importantly, for this projection to hold true, the support at 1.3382 must remain uncompromised.
Analysis Summary
USD/CAD showcases a bullish intraday bias with eyes on the 1.3754 projection. Should the ascent continue beyond the 1.3980 mark, a larger bullish narrative, tracing its origin from 2021, seems set to target the 1.4068 level, contingent upon the 1.3382 support’s resilience.
Bullet Points:
- USD/CAD’s bullish trajectory aims for 1.3754.
- Surpassing the 1.3980 mark reignites the bullish trend from 2021.
- Essential support at 1.3382 underpins the broader bullish outlook.
