USDCAD Analysis – October 3, 2023

USD/CAD has successfully broken above the resistance level at 1.3694, indicating a potential further rise in the near term. After a period of minor consolidation, the next target for the pair could be around the 1.3750 area.

On the downside, immediate support is located at 1.3635. If the price falls below this level, it may lead to a retracement towards the 1.3550 area.

Traders should closely monitor the price movements and consider implementing appropriate risk management strategies to navigate the market effectively. Keeping up with relevant news and economic events impacting the USD/CAD pair can also provide valuable insights for informed trading decisions.