USDCAD Daily Analysis – July 31, 2023

USDCAD has successfully broken above the resistance level at 1.3242. This breakout suggests that a further rally is likely to occur in the coming days, with the next target set at 1.3300, followed by the previous high at 1.3386.

In the current scenario, the immediate support level stands at 1.3195. A breakdown below this support level might lead to another decline in the price, with the next support target set at 1.3092.

Traders will closely monitor the price action around these key levels to assess the potential direction of USDCAD in the near term. The market sentiment will be influenced by the ability of the price to maintain its upward momentum and navigate the mentioned support and resistance levels.