Detailed FX Market Outlook and Analysis

USD/CAD Daily Analysis 08-SEP-2022

USD/CAD Daily Analysis

Intraday bias in USD/CAD remains neutral as range trading continues. But the further rally is still in favor with 1.2971 support intact. On the upside, a decisive break of 1.3222 will resume a 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.

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. 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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