Detailed FX Market Outlook and Analysis

USD/CAD Daily Analysis 23-JAN-2023

USD/CAD Daily Analysis

Intraday bias in USD/CAD remains neutral for the moment. On the downside, the break of 1.3320 will resume the fall from 1.3704 to 1.3224 critical support level. On the upside, though, above 1.3519 will turn bias back to the upside for 1.3704 resistance.

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