USD/CAD Weekly Outlook and Projections
Saturday, 27 July 2024, 11:51
Weekly Outlook
Last week, USD/CAD surged to a peak of 1.3848 and broke through the previous high of 1.3845, but has since entered a phase of consolidation.
Market Analysis
The initial bias for this week is neutral, indicating potential for further consolidation before any movement.
Outlook
- If the 55 4H EMA, currently at 1.3755, holds strong, further rallies are predicted.
- A decisive breakout above 1.3845 is expected to resume the ongoing rally that initiated from 1.3176.
- The next target is projected at 1.4025, which corresponds to the 61.8% retracement from 1.3176 to 1.3845 through 1.3588.
Conclusion
The future movements of USD/CAD will depend on the strength of current support levels. Traders are advised to monitor these levels closely as they may signify upcoming trends in the valuation of the currency pair.
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.