USDCAD Daily Analysis – June 29, 2023

The USDCAD pair has recently witnessed a significant breakthrough, as it managed to break above both the falling trend line and the key resistance level at 1.3269. This breakout suggests a potential shift in market dynamics, indicating that the previous downward movement from 1.3654 to 1.3116 has potentially concluded.

With the breakout in play, market participants are now eyeing further upside potential in the coming days. The next target for USDCAD is projected to be around the 1.3387 level, followed by 1.3461. These levels represent potential areas of interest for traders looking to capitalize on the ongoing rally.

In terms of immediate support, the 1.3200 level serves as a crucial benchmark. As long as the price remains above this level, the bullish bias is likely to persist, supporting the continuation of the upward move. However, a break below 1.3200 could prompt a retest of the 1.3116 support level, signaling a potential shift in sentiment.

In summary, USDCAD has broken above the falling trend line and the key resistance level at 1.3269, suggesting a potential completion of the previous downside move. This breakout opens the door for further upward momentum, with targets projected at 1.3387 and 1.3461. Immediate support lies at 1.3200, while a break below this level could bring the price back to test the 1.3116 support. Traders should closely monitor market conditions and stay informed of any developments that could impact the pair’s trajectory.