As we famous in immediately’s “Basic Evaluation“, the bullish development of USD/CAD prevails normally, and given the robust upward momentum, it’s logical to imagine additional progress. On the time of writing this text, USD/CAD is buying and selling close to 1.3751, an essential near-term assist stage. Its breakdown and the breakdown of the native assist stage 1.3657 might provoke a deeper corrective decline.
In the principle state of affairs, 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 immediately’s actions within the USD/CAD pair stands out as the publication at (12:30, 14:30, 18:00 GMT) of essential 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
