USDCAD Daily Analysis – July 6, 2023

USDCAD has continued its upward trajectory from 1.3116, reaching as high as 1.3328. The currency pair exhibits signs of further potential upside movement in the near term, with the next target set at the 1.3387 resistance level. Traders will be closely monitoring price action as the pair aims to breach this crucial resistance level.

The prevailing bullish sentiment suggests that the upward momentum may persist in the coming days. As long as the support at 1.3202 remains intact, the bias remains tilted to the upside. This level serves as a crucial barrier that, if broken, could indicate a shift in sentiment and potentially trigger a deeper retracement.

The next target for USDCAD is set at 1.3387, where a significant resistance level is located. Traders should pay close attention to price action as it approaches this level, as it could serve as a potential turning point for the currency pair. A successful breach of this resistance would open up the possibility of further gains and potentially pave the way for a test of higher levels.

In conclusion, USDCAD has extended its upward move from 1.3116 and is targeting the resistance level at 1.3387. As long as the support at 1.3202 remains unbroken, the bias remains bullish. Traders should closely monitor price action for any signs of a potential breakout or reversal, adapting their strategies accordingly.