USDCAD has been in an uptrend since its ascent from 1.3092, and the bullish momentum is expected to continue in the coming days. Traders should closely monitor the price action as the pair aims for the next targets at 1.3300 and 1.3386.
As long as the immediate support level at 1.3160 holds, the uptrend is likely to persist. This level has proven to be a significant support in recent price movements, and a break below it might indicate a potential reversal or consolidation. In such a scenario, the pair could target a retest of the 1.3092 support area.
However, given the current upward trajectory, the primary focus remains on the upside movement. A continuation of the uptrend could see USDCAD reaching the first target at 1.3300, followed by a potential test of the higher target at 1.3386. Traders should closely monitor price action near these levels for potential signs of a reversal or continuation of the bullish trend.
In conclusion, USDCAD is currently in an uptrend from 1.3092, and further upside movement is likely in the coming days. The next targets are set at 1.3300 and 1.3386, while the immediate support at 1.3160 remains a critical level to watch. Traders should exercise caution and apply appropriate risk management strategies to navigate potential market fluctuations and unexpected events.
