As we famous in at this time’s “Elementary Evaluation“, the bullish development of USD/CAD prevails usually, and given the sturdy upward momentum, it’s logical to imagine additional development. On the time of writing this text, USD/CAD is buying and selling close to 1.3751, an vital near-term help stage. Its breakdown and the breakdown of the native help stage 1.3657 could provoke a deeper corrective decline.
In the primary situation, and after the breakdown of the native resistance stage 1.3830, the expansion of USD/CAD will resume in the direction of the higher border of the rising channel on the day by day chart and the native resistance stage 1.3977.
The driving force of at this time’s actions within the USD/CAD pair stands out as the publication at (12:30, 14:30, 18:00 GMT) of vital macro statistics for the US and Canada and a speech (at 22:30) by Bullard, a consultant of the Fed’s management (for extra particulars, see An important financial occasions of the week 17.10.2022 – 23.10.2022).
Assist ranges: 1.3751, 1.3609, 1.3526, 1.3500, 1.3450, 1.3090, 1.3000, 1.2910
Resistance ranges: 1.3800, 1.3830, 1.3900, 1.3977, 1.4000
