USD/CAD Exchange Rate Analysis and Projection

Monday, 8 July 2024, 06:10

The USD/CAD intraday bias remains neutral with a corrective pattern expected from 1.3845. A possible extension of the pattern towards 1.3589 is anticipated, targeting the 100% projection level. Key support at 1.3534 is crucial for a potential rebound, while a breakthrough above 1.3686 could shift the bias towards an upward trend, eyeing the 1.3790 resistance level.

Actionforex — USD/CAD Exchange Rate Analysis and Projection

Intraday bias in USD/CAD remains neutral for the moment.

Key Points:

Corrective pattern from 1.3845 could still extend.
Break of 1.3589 will target 100% projection of 1.3845 to 1.3589 from 1.3790 at 1.3534.
Strong support at 1.3534 is pivotal for a potential rebound.
Above 1.3686, a shift in bias towards an upward trend is possible.

Conclusion: USD/CAD outlook suggests potential for both downside correction and upside momentum, depending on key support and resistance levels.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.

Key Points:

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