Detailed FX Market Outlook and Analysis

USD/CAD Daily Analysis 22-DEC-2022

USD/CAD Daily Analysis

Range trading continues in USD/CAD, and intraday bias stays neutral. Further rally is still in favor as long as 1.3516 support holds. A break of 1.3704 will resume the rebound from 1.3224 to 1.3807 resistance. Break there will bring a retest of 1.3976 high. On the downside, however, the break of 1.3516 support will suggest that the rebound has been completed and turn the bias back to the downside.

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).


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