USD/CAD Exchange Rate Analysis: Corrective Pattern Might Extend

Friday, 12 July 2024, 07:05
The USD/CAD pair experienced a dip to 1.3588 followed by a recovery from the 1.3589 support level. The current intraday bias remains neutral with a speculative outlook that the corrective pattern from 1.3845 may continue. A break below 1.3589 could target a significant support level at 1.3534, while strong resistance is expected to trigger a rebound. An upward trend may resume if the pair surpasses the 1.3652 resistance level, aiming for the 1.3790 resistance instead.
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USD/CAD Exchange Rate Analysis: Corrective Pattern Might Extend

USD/CAD Exchange Rate Analysis

The USD/CAD exchange rate experienced fluctuations with a support level at 1.3589.

The intraday bias is currently neutral, expecting a continuation of a corrective pattern.

  1. Break below 1.3589 could target 1.3534 projection.
  2. Strong support anticipated for a rebound.

Above 1.3652, the bias may shift towards an upward movement to test 1.3790 resistance.

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.

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