Tue, Jun 22, 2021 @ 07:23 GMT

USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3470; (P) 1.3545; (R1) 1.3584; More….

Intraday bias in USD/CAD stays neutral first. Further rise mildly in favor with 1.3490 support intact. On the upside, break of 1.3715 will resume the rebound from 1.3315 to 38.2% retracement of 1.4667 to 1.3315 at 1.3831. On the downside, however, break of 1.3490 will argue that the rebound has completed and turn bias back to the downside for retesting 1.3315 low.

In the bigger picture, the rise from 1.2061 (2017 low) could have completed at 1.4667 after failing 1.4689 (2016 high). Fall from 1.4667 could be the third leg of the corrective pattern from 1.4689. Deeper fall is expected to 61.8% retracement at 1.3056 and possibly below. This will now remain the favored case as long as 1.3855 support turned resistance holds. However, sustained break of 1.3855 will turn focus back to 1.4689 key resistance.

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