USDCAD Daily Analysis – July 5, 2023

USDCAD continues to showcase strength as it remains in an uptrend from its low of 1.3116. Further upward movement is anticipated in the coming days, with the next target set at the 1.3387 resistance level.

The upward trajectory of USDCAD suggests a favorable outlook for the pair, as it has demonstrated the ability to sustain its upward momentum. Traders will closely monitor price action to assess the strength of the ongoing trend and identify potential trading opportunities.

In terms of support, the 1.3202 level is currently acting as a key area of price support. As long as the price remains above this level, the bullish bias is likely to persist, with the focus remaining on the upside potential. However, a decisive break below 1.3202 could bring the price back to test the 1.3116 support level, potentially challenging the validity of the current uptrend.

In summary, USDCAD maintains its upward trajectory from 1.3116, indicating a positive outlook for the pair. Further upside movement is expected, with the next target set at the 1.3387 resistance level. The 1.3202 level acts as immediate support, and a break below this level may test the integrity of the uptrend. Traders should remain attentive to market dynamics and key levels to capitalize on potential trading opportunities while considering external factors that can impact the pair.