Detailed FX Market Outlook and Analysis

USD/CAD Daily Analysis 20-July-2022

USD/CAD Daily Analysis

USD/CAD’s fall from 1.3222 is still in progress and intraday bias stays on the downside. A deeper decline would be seen to 1.2818 support. A firm break there will bring a deeper fall back to 1.2516 key support. On the upside, above 1.2988 minor resistance will turn bias back to the upside for retesting 1.3222 instead.

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. Rise from there should target 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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