Detailed FX Market Outlook and Analysis

USD/CAD Daily Analysis 07-NOV-2022

USD/CAD Daily Analysis

Intraday bias in USD/CAD stays on the downside at this point. A head and should top pattern (1.3832; h: 1.3976; rs: 1.3807) should be formed already. Sustained trading below 1.3494 will confirm, and bring a deeper fall to .3207 cluster support (61.8% retracement of 1.2726 to 1.3976 at 1.3204. Strong support should be seen there to bring a rebound. But for now, risk will stay on the downside as long as the 1.3807 resistance holds, in case of recovery.

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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