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USDCAD → Attempting a trend change. Target 1.34?

2024-03-11 07:01 FOREX forecast

💡 Ideas For USDCAD 🇺🇸🇨🇦

📈 USDCAD → Attempting a trend change. Target 1.34?

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USDCAD demonstrates an attempt to change the trend on the background of weak USD fundamentals. The Canadian is strengthening on this background and this phase may continue further.

snapshot

Globally, the currency pair is in the range of 1.32 - 1.38. Trading is taking place between intermediate strong levels. Buyers are still unable to overcome 1.35, as the dollar index shows weakness amid high inflation in the US. In this case, the dollar may continue to lose ground, which is favorable for the Canadian dollar. Most likely, in the medium term, the price from the previously broken trend support or 1.35 may continue its decline towards the key, at the moment, liquidity zones indicated on the chart.

Resistance levels: 1.350, 1.35418

Support levels: 1.3475, 1.3409, 1.33585

I expect the end of the correction in the area of 1.350, which may further resume the downward movement with the goal of reaching the areas indicated on the chart.

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