Detailed FX Market Outlook and Analysis

USD/CAD Daily Analysis 22-NOV-2022

USD/CAD Daily Analysis

USD/CAD is holding below 1.3494 support turned resistance and intraday bias stays neutral. On the upside, a firm break of 1.3494 will indicate that correction from 1.3976 has been completed at 1.3224, ahead of 1.3207 cluster support (61.8% retracement of 1.2726 to 1.3976 at 1.3204). Intraday bias will be turned back to the upside for the 1.3807/3976 resistance zone. However, on the downside, a sustained break of 1.3204/7 will carry larger bearish implications and target 1.2952 support next.

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, 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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