USDCAD Daily Analysis – August 7, 2023

USDCAD has broken above the resistance level at 1.3386.

With this breakout, there is potential for further upside movement in the coming days. The next target for the pair could be around the 1.3500 area.

Immediate support is now at 1.3318. If there is a breakdown below this level, it would suggest that a consolidation phase for the uptrend from 1.3092 is underway. In such a scenario, the pair may find support around the 1.3270 level.

Traders should closely monitor the price action and the behavior around the support and resistance levels mentioned for potential breakout or reversal signals.

In summary, the analysis suggests that USDCAD has broken above the resistance at 1.3386, indicating the potential for further gains. The next target is around the 1.3500 area. However, a breakdown below the immediate support at 1.3318 could suggest a consolidation phase. Traders should stay attentive to key levels and observe the price action for possible trading opportunities.