Detailed FX Market Outlook and Analysis

USD/CAD Daily Analysis 04-NOV-2022

USD/CAD Daily Chart

Intraday bias in USD/CAD remains neutral for the moment. Further rise in favor as long as 1.3501 support holds. On the upside, a decisive break of 1.3976 will resume a larger up trend and target a 200% projection of 1.2005 to 1.2947 from 1.2401 at 1.4285. However, a sustained trading below 1.3494 support will complete a head and shoulder top pattern (ls: 1.3832; h: 1.3976; rs: 1.3807). Outlook will be turned bearish for a deeper fall to 1.3207 resistance turned support.

In the bigger picture, the up trend from 1.2005 (2021 low) is still in progress. Based on current impulsive momentum, it could be resuming a long-term up trend from 0.9056 (2007 low). Whether it is or isn’t, a retest of 1.4689 (2016 high) should be seen next. This will now remain the favored case as long as 1.3222 resistance turned support holds.

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