Detailed FX Market Outlook and Analysis

USD/CAD Daily Analysis 09-NOV-2022

USD/CAD Daily Analysis

Intraday bias in USD/CAD stays on the downside at this point. As noted before, a head and should top pattern (1.3832; h: 1.3976; rs: 1.3807) was formed already. A deeper decline would be seen to a 100% projection of 1.3976 to 1.3494 from 1.3807 at 1.3325 and possibly below. But the downside should be contained by 1.3207 cluster support (61.8% retracement of 1.2726 to 1.3976 at 1.3204) to bring a rebound. On the upside, above 1.3551 minor resistance will turn intraday bias neutral first.

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 it 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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