USD/CAD Intraday Analysis
The Intraday Analysis for USD/CAD portrays a neutral bias currently. However, with the 1.3322 support standing firm, a subsequent rally is on the horizon. Observations indicate that the retracement originating from 1.3980 has fully manifested, descending in three waves and concluding at 1.3095. A breach above 1.3505 will reignite the upward momentum, propelling the pair towards the 1.3657 resistance. A successful surpassing of this barrier would bolster this perspective, laying down a trajectory towards the 1.3980 peak.
Our Daily Analysis reveals that the fluctuations from 1.3980 appear to be merely a temporary setback. Once this phase reaches its culmination, the ascent, commencing from 1.2009 (the nadir of 2021), is projected to press on beyond 1.3980, directing its course to the long-term resistance bracket of 1.4671/1.4689. Should a downturn materialize, it’s anticipated to find a cushion at the 61.8% retracement level, which corresponds to 1.2762, calculated from the range between 1.2009 and 1.3980.
Analysis Summary
The USD/CAD pair exhibits a neutral intraday stance but leans towards a potential rally, targeting 1.3657. Long-term trends suggest a climb towards 1.4671, given the support of 1.3322 remains unchallenged.
Key Bullet Points:
- The immediate target for USD/CAD: 1.3657.
- Long-term aspirations towards 1.4671.
- Crucial support at 1.3322.
