Detailed FX Market Outlook and Analysis

USD/CAD Daily Analysis 02-DEC-2022

USD/CAD Daily Analysis

Intraday bias in USD/CAD stays neutral at this point. On the upside, the break of 1.3644 resistance will affirm the case that correction from 1.3976 has been completed at 1.3224. However, the break of 1.3315 will resume the fall from 1.3976 through 1.3222 cluster support, which carries larger bearish implications.

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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