Detailed FX Market Outlook and Analysis

USD/CAD Daily Analysis 01-FEB-2023

USD/CAD Daily Analysis

USD/CAD’s choppy decline from 1.3704 resumed after a brief recovery to 1.3470, and intraday bias is back on the downside. Further fall would be seen, but strong support is still expected from the 1.3224 key support level to bring a rebound. On the upside, above 1.3470 minor resistance will turn intraday bias back to the upside for 1.3519 resistance. However, a decisive break of 1.3224 would carry a larger bearish implication.

In the bigger picture, as long as 1.3222 cluster support (38.2% retracement of 1.2005 to 1.3976 at 1.3223) holds, the larger up trend from 1.2005 (2021 low) is still expected to resume through the 1.3976 high at a later stage. However, a firm break of 1.3222/3 will indicate that the trend might have reversed. A deeper fall would be seen in the next cluster support at 1.2726 (61.8% retracement at 1.2758).


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