Detailed FX Market Outlook and Analysis

USD/CAD Daily Analysis 18-July-2022

USD/CAD Daily Analysis

Intraday bias in USD/CAD remains neutral for the moment. The further rise will remain in favor as long as 1.2935 support holds. A break of 1.3222 will target a 100% projection of 1.2005 to 1.2947 from 1.2401 at 1.3343. However, a firm break of 1.2935 will dampen this bullish case and turn bias to the downside for 1.2818 support.

In the bigger picture, the downtrend from 1.4667 (2020 high) should have been completed at 1.2005, after defending 1.2061 long-term cluster support. The 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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