Detailed FX Market Outlook and Analysis

USD/CAD Daily Analysis 30-JAN-2023

USD/CAD Daily Analysis

While a deeper decline might be seen in USD/CAD with 1.3426 minor resistance intact, strong support is still expected from the 1.3224 key support level to bring a rebound. On the upside, above 1.3426 minor resistance will turn intraday bias back to the upside for 1.3519 resistance. However, a decisive break of 1.3224 would carry a larger bearish implication.

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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