USDCAD Daily Analysis – September 5, 2023

USDCAD has broken above the 1.3639 resistance level, indicating a potential resumption of the upside move from 1.3092.

This breakout suggests that further upward movement is possible in the coming days, with the next target area around 1.3750.

On the downside, the immediate support to monitor is located at 1.3615. If the price breaks below this support level, it could potentially lead to a retracement towards the key support level at 1.3488. A break below this level would indicate a potential completion of the uptrend.

Traders should closely observe the price action in USDCAD, paying attention to the behavior around the resistance-turned-support level at 1.3639, the immediate support at 1.3615, and the key support level at 1.3488. This will provide valuable insights into the potential continuation or reversal of the current upward trend.