FX.co ★ Forecast for USD/CAD on July 31, 2023

USD/CAD

The pair seems to be attempting to stay above the MACD line on the daily chart. If it succeeds, the closing candle will be white. The level of 1.3300, which coincides with the April 14 low and MACD line, will be the nearest target. A breakthrough above this level will trigger a move towards the second target - the May 10 low of 1.3334. The third target will be the July 7 high of 1.3386. All this will happen if the Marlin oscillator goes into positive territory.

A return of the price below 1.3205 will lead to the Marlin oscillator dropping below zero, which will indicate a further decline towards 1.3146.

On the four-hour chart, the signal line of the Marlin oscillator formed a relatively narrow downward channel, indicating a potential sharp breakout and a consequent rapid upward movement. This will become even more probable if oil prices decline.

Currently, the Canadian dollar lags behind the decline of other counter-dollar currencies.

Since the pair continues to rise above both indicator lines and the MACD line started to turn upwards, a medium-term upward trend will likely develop.