Detailed FX Market Outlook and Analysis

USD/CAD Daily Analysis 17-JAN-2023

USD/CAD Daily Analysis

Intraday bias in USD/CAD remains neutral, and the outlook is unchanged. Further decline could still be seen, but the downside should be contained above the 1.3224 critical support level. Above 1.3451 minor resistance will turn bias back to the upside for 1.3704 resistance. However, a sustained break of 1.3222/4 cluster support will resume the whole fall from 1.3976 and carry larger bearish implications.

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 in the next cluster support at 1.2726 (61.8% retracement at 1.2758).


Latest Analysis