USD/CAD Exchange Rate Trends and Projections

The USD/CAD currency pair has been showing signs of recovery from its recent short-term low of 1.3176. Market participants are observing a continued intraday bias towards the upside, influenced by the pair's movement towards the 38.2% Fibonacci retracement level of its earlier descent from 1.3897 to 1.3176, which is situated around 1.3451.

Current Support and Resistance Levels

As of the latest pivot data, immediate support (S1) stands at 1.3323, with the pivot point (P) at 1.3348, and resistance (R1) is seen at 1.3377. Should the pair experience a downward push breaking through the 1.3264 minor support level, the market sentiment could shift, favoring a bearish outlook and potentially leading to another test of the 1.3176 low.

Bigger Picture Perspective

When zooming out for a long-term view, the USD/CAD exchange rate presents a mixed outlook. The significant decline from the high of 1.3897 has muddled market expectations. However, this downward trend is typically perceived as a corrective phase within the broader bullish trend. Assuming that the 1.2947 level, which was resistance turned into support, remains unbroken, there is an anticipation that the larger uptrend that began from the 2021 low of 1.2005 will eventually reignite and continue its course.

USD/CAD, Exchange, Outlook