USD/CAD Daily Outlook

Daily Pivots: (S1) 1.4394; (P) 1.4477; (R1) 1.4617; More….

USD/CAD is staying in consolidation from 1.4667 and intraday bias remains neutral first. Deeper pull back cannot be ruled out. But downside should be contained above 61.8% retracement of 1.3202 to 1.4667 at 1.3762 to bring rebound. On the upside, sustained break of 1.4689 will confirm larger up trend resumption.

In the bigger picture, rise from 1.2061 is likely resuming whole up trend from 0.9056 (2007 low). Decisive break of 1.4689 will confirm this bullish case. Next medium term target is 161.8% projection of 1.2061 to 1.3664 from 1.2951 at 1.5545. Rejection form 1.4689 will bring some consolidations first. But outlook will remain bullish as long as 1.3664 resistance turned support holds, even in case of deep pull back.

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