Detailed FX Market Outlook and Analysis

USD/CAD Daily Analysis 02-SEP-2022

USD/CAD Daily Analysis

USD/CAD’s rally is still in progress and intraday bias stays on the upside for 1.3222 resistance first. Firm break there will resume larger up trend from 1.2005. The next target is a 100% projection of 1.2005 to 1.2947 from 1.2401 at 1.3343. On the downside, below 1.3062 minor support will delay the bullish case and turn intraday bias neutral first.

In the bigger picture, the downtrend from 1.4667 (2020 high) should have completed at 1.2005, after defending 1.2061 long-term cluster support. The rise from there should target a 61.8% retracement of 1.4667 to 1.2005 (2021 low) at 1.3650. This will remain the favored case now as long as 1.2516 support holds.

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