- Analytics
- News and Tools
- Market News
- USDCAD Price Analysis: Bulls eye 1.3650 as next key upside target
USDCAD Price Analysis: Bulls eye 1.3650 as next key upside target
- USDCAD could be in for a correction with the 61.8% Fibonacci eyed.
- Support is eyed around 1.3480/00 while1.3650 comes as the next key upside target.
The Canadian dollar weakened against its US counterpart on Wednesday following some strong two-way price action in the New York session that eventuated in a bid in the US dollar as US yields surged on the back of a weak Treasury auction. The moves have seen USDCAD rally onto shorts and there could be more to come. Investors are now shifting focus to US inflation data on Thursday for clues on the path of future interest rate hikes by the Federal Reserve which could seal the fate for the bears on a better-than-expected outcome. Meanwhile, the following illustrates the potential trajectory from a bullish perspective:
USDCAD H1 chart
The price is up to the prior highs of the sideways channel formed on Monday and Tuesday. A correction could be in order at this point and a reversion to the 61.8% Fibonacci meets structure around 1.3480/00.1.3650 comes as the next key upside target.
© 2000-2025. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
