USDCAD Daily Analysis – August 10, 2023

USDCAD is currently in a consolidation phase for the uptrend from 1.3092.

There is a possibility of range trading between 1.3375 and 1.3501 in the coming days as the consolidation continues.

As long as the support level at 1.3375 holds, there is an expectation for the upside move to potentially resume. In such a scenario, further rise towards the 1.3600 level could be anticipated after the consolidation phase.

On the downside, a breakdown below the support at 1.3375 could bring the price back to test the next support level at 1.3318. If the decline continues, the 1.3250 area could be the next target.

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 is consolidating within the uptrend. Monitoring the price’s behavior around the key levels of 1.3375 and 1.3501 will be important, as a breakout or breakdown could determine the next directional move. Traders should stay attentive to key levels and observe the price action for possible trading opportunities.