USDCAD Daily Analysis – August 21, 2023

USDCAD has continued its upside move, reaching as high as 1.3574.

With this extension, there is still potential for further rise in the pair, with the next target being around the 1.3600 area.

The immediate support level to monitor is now at 1.3500. If a breakdown occurs below this level, it would indicate that consolidation for the uptrend is underway. In such a scenario, the pair may find support around the 1.3450 area.

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 has continued its upside move and could possibly rise further towards the 1.3600 area. A breakdown below the immediate support at 1.3500 could indicate a consolidation phase, with support around 1.3450. Traders should stay attentive to key levels and observe the price action for possible trading opportunities.