USD/CAD Daily Outlook

Daily Pivots: (S1) 1.1444; (P) 1.1514; (R1) 1.1564; More.

With a temporary top in place at 1.1581, intraday outlook in USD/CAD is turned neutral for the moment. Some consolidation might be seen but rise from 1.0784 is still expected to continue as long as 1.1226 minor support holds. Above 1.1581 will target 1.8140 resistance. On the downside, however, below 1.1226 will argue that rebound from 1.0784 has completed and will flip bias back to the downside for retesting this low.

In the bigger picture, fall from 1.3063 is treated as correction to impulsive rally from 0.9056 to 1.3063 and has met target support zone of 1.0297/0819 already. We're slightly favoring the case that such correction has completed at 1.0754 already. Break of mentioned 1.1475/1.1814 resistance zone will confirm this case and should at least bring strong rally to key cluster resistance at 1.2191 (61.8% retracement of 1.3063 to 1.7084 at 1.2192). Nevertheless, a break below 1.0784 will indicate that fall from 1.3063 is still in progress, probably to 61.8% retracement of 0.9056 to 1.3063 at 1.0587 before completion.

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