USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3262; (P) 1.3307; (R1) 1.3363; More

With 1.3235 minor support intact, further rise is in favor in USD/CAD for 1.3598 resistance. Consolidation pattern from 1.3588 should have completed with three waves to 1.3017. Break of 1.3598 will extend the whole choppy rise from 1.2460 to next fibonacci level at 1.3838. On the downside, below 1.3235 minor support will turn focus back to 1.3017 instead.

In the bigger picture, price actions from 1.4689 medium term top are seen as a correction pattern. The first leg has completed at 1.2460. The second leg is still in progress and could target 61.8% retracement of 1.4689 to 1.2460 at 1.3838. As rise from 1.2460 is seen as a corrective move, we’d look for reversal signal above 1.3838. Meanwhile, break of 1.3017 will likely start the third leg to 1.2460 and below.

USD/CAD 4 Hours Chart

USD/CAD Daily Chart

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