Chapter 14 USDCAD going down
USDCAD
25/10/2022
Fundamental analysis
A number of important economic indicators were issued recently on the US economy, most of which were negative to give an overview of the extent of the crisis that is afflicting the US economy in light of a growing interest rate hike, which portends a sharp recession and casts negative shadows on the markets in general.
The markets reacted to the data released a while ago, as the dollar fell strongly, losing nearly 1% of its value during the current moments, while all other assets are witnessing slight increases as they are still stuck in the trap of the Fed members' hawkish statements about raising interest rates in the coming period.
Technical analysis
At the time I'm writing this article the price in USD CAD 1H chart is 1.36194
The expectation of the market will continue down until 1.35139
I believe the price needs to pull back to 1.36861 1st before continuing down
