Detailed FX Market Outlook and Analysis

USD/CAD Daily Analysis 30-NOV-2022

USD/CAD Daily Analysis

Intraday bias in USD/CAD stays on the upside at this point. Correction form 1.3976 should have been completed at 1.3224. The next target is a 161.8% projection of 1.3224 to 1.3494 from 1.3315 at 1.3752. This will now remain the favored case as long as 1.3315 support holds, in case of retreat.

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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