USDCAD Daily Analysis – August 8, 2023

USDCAD has extended its upside move from 1.3092 to reach as high as 1.3451.

With this continuation, there is a likelihood of further rise in the coming days. The next target for the pair could be around the 1.3500 area.

The immediate support levels to watch are at 1.3360 and 1.3318. Only a break below these support levels would indicate a potential completion of the uptrend.

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

To summarize, the analysis suggests that USDCAD’s upside move has extended and there is a possibility of further gains. The next target is around the 1.3500 area. Support levels at 1.3360 and 1.3318 should be assessed for potential reversals. Traders should stay attentive to key levels and observe the price action for possible trading opportunities.