As we famous in right now’s “Basic Evaluation”, “given the sturdy upward momentum, it’s logical to imagine additional development.” USD/CAD is within the bull market zone, above the important thing help ranges 1.2865, 1.2835. The breakdown of the native resistance degree 1.3343 can be a confirming sign of our assumption. In another state of affairs (for extra particulars, see “USD/CAD: technical evaluation and buying and selling suggestions for 09/20/2022”) and after the breakdown of the native 1.3227 and short-term 1.3183 help ranges, the downward correction might proceed as much as the help ranges 1.3056, 1.3020. A deeper decline is unlikely.
The driving force of right now’s actions within the USD/CAD pair stands out as the publication at (12:30 GMT) of shopper worth indices in Canada (for extra particulars, see the Main financial occasions of the week 09/19/2022 – 09/25/2022).
Help ranges: 1.3227, 1.3183, 1.3070, 1.3056, 1.3020, 1.2960, 1.2885, 1.2865, 1.2835, 1.2740
Resistance ranges: 1.3300, 1.3343
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