USDCAD Analysis – September 21, 2023

USDCAD has broken above the falling trend line on the 4-hour chart, indicating a potential shift in the market sentiment. This breakout suggests that a corrective consolidation phase for the previous downtrend from 1.3694 is currently in progress.

Based on this breakout, there is a likelihood of further rally in the pair in the coming days. The next target to consider is around the 1.3550 area.

In terms of support levels, traders should keep an eye on 1.3430 and 1.3379. A break below these levels could potentially trigger a further downside move towards the 1.3300 area.

It is important to closely monitor price movements and key levels, as they can provide valuable insights into potential market reversals or continuations. Traders should adapt their trading strategies accordingly and ensure risk management measures are in place.