USD/CAD: in the area of a stable bull market. Is there an alternative?
As we noted in today's "Fundamental Analysis", "given the strong upward momentum, it is logical to assume further growth." USD/CAD is in the bull market zone, above the key support levels 1.2865, 1.2835. The breakdown of the local resistance level 1.3343 will be a confirming signal of our assumption. In an alternative scenario (for more details, see "USD/CAD: technical analysis and trading recommendations for 09/20/2022") and after the breakdown of the local 1.3227 and short-term 1.3183 support levels, the downward correction may continue up to the support levels 1.3056, 1.3020. A deeper decline is unlikely.
The driver of today's movements in the USD/CAD pair may be the publication at (12:30 GMT) of consumer price indices in Canada (for more details, see the Major economic events of the week 09/19/2022 - 09/25/2022).
Support levels: 1.3227, 1.3183, 1.3070, 1.3056, 1.3020, 1.2960, 1.2885, 1.2865, 1.2835, 1.2740
Resistance levels: 1.3300, 1.3343
• signal -> Insta79 -> https://www.mql5.com/en/signals/1617289
• see also “Technical analysis and trading recommendations” -> https://t.me/fxrealtrading
