Detailed FX Market Outlook and Analysis

USD/CAD Daily Analysis 29-DEC-2022

USD/CAD Daily Analysis

USD/CAD recovered quickly after dipping to 1.3483, and intraday bias was turned neutral first. On the upside, the break of 1.3704 will resume the rebound from 1.3224 to retest the 1.3976 high. On the downside, the break of 1.3483 will turn the bias back to the downside for the 1.3224 support zone.

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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