Detailed FX Market Outlook and Analysis

USD/CAD Daily Analysis 03-JAN-2023

USD/CAD Daily Analysis

Intraday bias in USD/CAD stays neutral at this point. On the upside, the break of 1.3704 will resume the rebound from 1.3224 to retest the 1.3976 high. A break of 1.3483 will turn the bias back to the downside for the 1.3224 support zone.

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 to the next cluster support at 1.2726 (61.8% retracement at 1.2758).


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