USD CAD

Latest USD CAD Analysis and Forecast

Negative consolidation, but still looking for upside

Day trade update and view

An erratic consolidation Wednesday (as seen from late last week), to prod at 1.2521 support to 1.2520, but hold above 1.2497/91 and whilst above here to hang onto upside forces from the mid-July surge up to 1.2807 keeping the bias higher for Thursday.

Day trade setup

• We see an upside bias for 1.2607; a break here targets 1.2705 and maybe opens risk up towards 1.2807.
• But below 1.2497/91 and opens risk down towards 1.2422/19 .

Intermediate-term outlook

The push above 1.2203 signalled an intermediate-term shift to a bull trend.

• Upside risks: We see an intermediate-term bull trend to aim for 1.2881, 1.2957 and maybe 1.3173.
• What changes this? Below 1.2298 shifts the intermediate-term bull trend straight to an intermediate-term bear trend.

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