Sun, Jan 17, 2021 @ 13:00 GMT
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USD/CAD Daily Outlook

Daily Pivots: (S1) 1.2685; (P) 1.2738; (R1) 1.2768; More….

Intraday bias in USD/CAD is turned neutral as it retreated after hitting 1.2834. On the upside, above 1.2834 will extend the corrective rise to 1.2957 resistance. Though, decisive break of 1.2629 will confirm resumption of whole down trend from 1.4667.

In the bigger picture, fall from 1.4667 is seen as the third leg of the corrective pattern from 1.4689 (2016 high). Further decline should be seen back to 1.2061 (2017 low). In any case, break of 1.3389 resistance is needed to indicate medium term bottoming. Otherwise, outlook will remain bearish in case of rebound.

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