Detailed FX Market Outlook and Analysis

USD/CAD Daily Analysis 12-OCT-2022

USD/CAD Daily Analysis

Intraday bias in USD/CAD stays on the upside with 1.3701 minor support intact. The current up trend should target a 161.8% projection of 1.2005 to 1.2947 from 1.2401 at 1.3925. A decisive break there will target a 200% projection at 1.4285. On the downside,e below 1.3701 minor support will turn intraday bias neutral first. but the outlook will stay bullish as long as 1.3501 support holds, in case of retreat.

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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