As we famous in at the moment’s “Basic Evaluation“, the bullish development of USD/CAD prevails typically, 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 assist stage. Its breakdown and the breakdown of the native assist 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 each day chart and the native resistance stage 1.3977.
The driving force of at the moment’s actions within the USD/CAD pair often is 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).
Help 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
