Detailed FX Market Outlook and Analysis

USD/CAD Daily Analysis 13-DEC-2022

USD/CAD Daily Analysis

Intraday bias in USD/CAD stays neutral, and consolidation from 1.3699 could extend further. The favored case is that correction from 1.3976 has been completed at 1.3224. Above 1.3699 will resume the rebound to 1.3807 resistance and retest the 1.3976 high. However, the break of 1.3383 support will dampen this case and bring a retest of 1.3224 low instead.

In the bigger picture, as long as 1.3222 cluster support (38.2% retracement of 1.2005 to 1.3976 at 1.3223) holds, the larger up trend from 1.2005 (2021 low) is still expected to resume through the 1.3976 high at a later stage. However, a firm break of 1.3222/3 will indicate that the trend might have reversed. A deeper fall would be seen to the next cluster support at 1.2726 (61.8% retracement at 1.2758).

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