USDCAD Daily Analysis – July 27, 2023

USDCAD has failed to break above the 1.3242 resistance level and remains within a trading range between 1.3092 and 1.3242. In the coming days, another fall towards the 1.3092 support level is likely. If the price were to break down below this level, it could fall towards the 1.3000 area.

On the other hand, if the price manages to break out of the 1.3242 resistance level, it would indicate that the downside move from 1.3386 has already completed at 1.3092 and another rise towards 1.3386 could be seen.

Overall, USDCAD is currently moving sideways within a trading range, with potential for further downside or upside movements depending on whether it breaks out of the range’s support or resistance levels.