FX.co - USD/CAD analysis for August 03, 2023 - Potential for the further growth

2023-08-03T08:04:42

Relevance until2023-08-04

Technical analysis:

USD/CAD analysis for August 03, 2023 - Potential for the further growth

USD/CAD has been trading upside today and I found breakout of the triangle pattern, which is good sign for the further growth.

Due to the breakout of the tight triangle and strong upside momentum, I see potential for the further growth towards upside references.

Upside objectives are set at the price of 1.3390 and 1.3425

Stochastic oscillator is showing upside reading with no major sign for the downside rotation.

Intraday support is set at the price of 1.3350

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade

Analytical expert

Petar Jacimovic

FX.co ★ USD/CAD analysis for August 03, 2023 - Potential for the further growth