USD/CAD Price Analysis: Bulls eye a break of 1.3450 for a look in at the 1.35 area


Share:
  • USD/CAD is based above a prior target low in the 1.3320s. 
  • USD/CAD is embarking on a correction but 1.3450 needs to give.

As per the prior analysis, the bears were in control and ran into the target in the 1.3320s but threw in the towel there. The price has since been established and moved in to test the 1.34s. 

The bears are in charge now and the 1.3350s guard a run to the 1.3300 target:

USD/CAD update

At this juncture, the price is embarking on a correction but 1.3450 needs to give: 

There is a price imbalance that has been left behind since the major sell-off at the start of the year that could be mitigated in the coming days towards 1.3550. 

Share: Feed news

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended content


Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended content

Editors’ Picks

EUR/USD consolidates below 1.0850 amid upbeat mood

EUR/USD consolidates below 1.0850 amid upbeat mood

EUR/USD is easing below 1.0850 in the early European morning. Traders turn cautious, despite easing banking fears, as the focus shifts toward the euro area inflation data. The pair's pullback could be also attributed to a broad US Dollar rebound. 

EUR/USD News

GBP/USD turns south toward 1.2300 as US Dollar rebounds

GBP/USD turns south toward 1.2300 as US Dollar rebounds

GBP/USD is heading back toward 1.2300, fading the Asian bounce in early Europe. Broad-based US Dollar rebound, despite a better market mood and sluggish US Treasury bond yields, is weighing on the pair. US housing data awaited. 

GBP/USD News

Gold declines towards $1960 as USD rebounds ahead of Core PCE Price Index

Gold declines towards $1960 as USD rebounds ahead of Core PCE Price Index

Gold price is declining towards $1960.00 as investors are getting anxious ahead of US PCE inflation data. The reputation of Gold as a safe-haven amid US banking jitters has ebbed. On a broader note, Gold price is auctioning in a Symmetrical Triangle chart pattern.

Gold News

“Cash out by next week,“ FDIC tells crypto depositors exposed to Signature bank- Here’s why

“Cash out by next week,“ FDIC tells crypto depositors exposed to Signature bank- Here’s why

The Federal Deposit Insurance Corporation (FDIC) has asked crypto customers exposed to the defunct Signature bank to exit by next week, whether they have a new bank or not. 

Read more

Market mood improves as banking fears ease

Market mood improves as banking fears ease

This week, financial markets will focus on key inflation figures from across the globe, speeches by Fed officials, and the US Senate hearings on SVB. Although some normality seems to be returning to markets, this could easily be disrupted by negative news.

Read more

Forex MAJORS

Cryptocurrencies

Signatures