USDCAD Daily Analysis – August 22, 2023

The USDCAD currency pair is currently exhibiting a sideways movement within a defined trading range, with support at 1.3495 and resistance at 1.3574. As long as the support level at 1.3495 remains intact, the sideways move can be considered as consolidation within the overall uptrend that began from 1.3092. In this scenario, there is the potential for a further rise towards the 1.3600 area after the consolidation phase is completed.

However, if the price breaks below the support level at 1.3495, it would indicate that the upside move has already concluded at 1.3574. In such a case, the pair would likely find support around the 1.3450 area.

To summarize, the USDCAD pair is currently moving sideways within a trading range between 1.3495 and 1.3574. If the support level at 1.3495 holds, the sideways movement can be viewed as consolidation for the uptrend from 1.3092, potentially leading to another rise towards the 1.3600 area. On the downside, a breakdown below 1.3495 would suggest that the upside move has completed at 1.3574 and indicate potential support at the 1.3450 area.