Detailed FX Market Outlook and Analysis

USD/CAD Daily Analysis 08-July-2022

USD/CAD Daily Analysis

Range trading continues in USD/CAD and intraday bias remains neutral. Further rise is mildly in favor with 1.2818 support intact. On the upside, the break of 1.3077 and sustained trading above the 1.3022 Fibonacci level will carry larger bullish implications, and bring up trend resumption. The next target is a 100% projection of 1.2005 to 1.2947 from 1.2401 at 1.3343. On the downside, the break of 1.2818 minor support will bring a deeper fall back to 1.2516 support instead.

In the bigger picture, the focus stays on 38.2% retracement of 1.4667 (2020 high) to 1.2005 (2021 low) at 1.3022. A sustained break there should confirm that the downtrend from 1.4667 has been completed after defending 1.2061 long-term cluster support. A further rise would then be seen towards 61.8% retracement at 1.3650. However, rejection by 1.3022 will maintain medium-term bearishness.

Latest Analysis