In an alternative scenario and in case of a rebound from the resistance level 1.3735 USD/CAD will fall to the support levels 1.3610, 1.3570. A deeper correction is possible up to the support levels 1.3500, 1.3450 (for details, see “USD/CAD: technical analysis and trading recommendations for 10/25/2022”).
In general, the USD/CAD bullish trend prevails, and given the strong upward momentum, it is logical to assume further growth. The driver of strong movements in the USD/CAD pair will be tomorrow’s publication (at 14:00 GMT) of the decision of the Bank of Canada on the interest rate (for more details, see the Major economic events of the week 10/24/2022 – 10/30/2022).
Support levels: 1.3610, 1.3570, 1.3500, 1.3450, 1.3125, 1.3030, 1.2920
Resistance levels: 1.3735, 1.3800, 1.3830, 1.3900, 1.3977, 1.4000
