USDCAD Daily Analysis – July 17, 2023

The USDCAD pair has made a significant breakthrough by surpassing the resistance level at 1.3160, signaling a potential end to the recent downside move from 1.3386, which concluded at 1.3092. This development suggests a potential shift in sentiment, with the possibility of further upward movement in the near term.

Traders should closely monitor the USDCAD pair as it continues to build momentum. The next target for the pair stands at 1.3300, followed by the previous high at 1.3386. These levels represent potential areas of interest for bullish traders, as they could act as barriers for further upside.

To maintain the bullish momentum, it is important for USDCAD to hold above the newly established support level at 1.3160. A break below this level may indicate a potential retest of the 1.3092 support level, dampening the bullish outlook.

In summary, USDCAD has broken above the resistance level at 1.3160, suggesting a potential end to the recent downside move. Further upside movement is possible, with the next targets at 1.3300 and 1.3386. Traders should monitor price action and market conditions closely, as a break below the support level at 1.3160 could shift the outlook to a more bearish sentiment. By staying informed and adapting to evolving market conditions, traders can position themselves for potential opportunities in the USDCAD pair.