USDCAD Outlook
USD/CAD Daily Outlook
USD/CAD's rise from 1.3549 resumed after brief retreat ad intraday bias is back on the upside. The rally is seen as seen as the third leg of the corrective pattern from 1.3480, and should target 1.3965 resistance next. On the downside, below 1.3729 minor support will turn intraday bias neutral again.
In the bigger picture, price actions from 1.4791 are seen as a corrective pattern to the whole up trend from 1.2005 (2021 low). Deeper fall could be seen, as the pattern extends, to 61.8% retracement of 1.2005 to 1.4791 at 1.3069. However, decisive break of 38.2% retracement of 1.4791 to 1.3480 at 1.3981 will argue that the correction has completed with three waves down to 1.3480 already.
USD/CAD Daily Outlook
Intraday bias in USD/CAD is turned neutral with current retreat. Further rise is mildly in favor as long as 1.3682 support holds. Rebound from 1.3549 is seen as the third leg of the corrective pattern from 1.3480. Above 1.3777 will target 1.3965 resistance. Nevertheless, break of 1.3682 will turn bias back to the downside for 1.3549 support instead.
In the bigger picture, price actions from 1.4791 are seen as a corrective pattern to the whole up trend from 1.2005 (2021 low). Deeper fall could be seen, as the pattern extends, to 61.8% retracement of 1.2005 to 1.4791 at 1.3069. However, decisive break of 38.2% retracement of 1.4791 to 1.3480 at 1.3981 will argue that the correction has completed with three waves down to 1.3480 already.
USD/CAD Daily Outlook
No change in USD/CAD's outlook and intraday bias stays mildly on the upside. Rebound from 1.3549 is seen as the third leg of the corrective pattern from 1.3480. Further rise would be seen towards 1.3965 resistance. On the downside, below 1.3729 minor support will turn intraday bias neutral first.
In the bigger picture, price actions from 1.4791 are seen as a corrective pattern to the whole up trend from 1.2005 (2021 low). Deeper fall could be seen, as the pattern extends, to 61.8% retracement of 1.2005 to 1.4791 at 1.3069. However, decisive break of 38.2% retracement of 1.4791 to 1.3480 at 1.3981 will argue that the correction has completed with three waves down to 1.3480 already.
