USDCAD Daily Analysis – August 3, 2023

USDCAD has continued its upward move from 1.3092, reaching as high as 1.3352.

The analysis suggests that further upside is possible after a minor consolidation, with the next potential target being the previous high at 1.3386.

Immediate support can be found at 1.3315. A breakdown below this level could potentially lead to a retracement towards the 1.3250 area.

Traders should closely monitor the price action and any potential consolidation patterns for signs of a continuation of the uptrend or a potential reversal.

In summary, the recent analysis indicates that USDCAD has displayed an upward move with the potential for further upside. Traders should keep an eye on the immediate support level at 1.3315 and watch for any potential breakouts or reversal signals to assess the next moves in the market.