USDCAD has been moving sideways in a range between the November 2022 low of 1.3225 and the October 2022 high of 1.3976.
The sideways move is likely to continue for the next few weeks. The rangebound trading pattern indicates that the market is lacking in direction and is currently in a consolidation phase.
In terms of price levels, another decline towards the 1.3225 support level could be seen in the coming days. However, if the price breaks above the 1.3667 resistance level, it could indicate that the pair remains in a short-term uptrend from the April 14 low of 1.3300. In this case, the next target could be around the 1.3800 zone.
It’s important to keep an eye on near-term support and resistance levels. The 1.3667 level serves as an important resistance level for USDCAD, while support is at 1.3480.
Overall, USDCAD is currently in a sideways consolidation phase and lacks a clear direction. A break above the 1.3667 resistance level could indicate that the pair is in a short-term uptrend, while a decline towards the 1.3225 support level could signal a continuation of the rangebound trading pattern.
