USD/CAD Daily Outlook

Daily Pivots: (S1) 1.2753; (P) 1.2801; (R1) 1.2858; More

Intraday bias in USD/CAD remains neutral for the moment. On the upside, above 1.2891 will target a test on 1.2947 high. On the downside, however, break of 1.2635 minor support will turn bias back to the downside for 1.2492 support. Overall, rise from 1.2005 is still in progress with 1.2421 support intact. Firm break of 1.2947 will target 1.3022 fibonacci level next.

In the bigger picture, fall from 1.4667 is seen as the third leg of the corrective pattern from 1.4689 (2016 high). It should have completed after hitting 1.2061 (2017 low) and 50% retracement of 0.9406 to 1.4689 at 1.2048. Sustained break of 38.2% retracement of 1.4667 to 1.2005 at 1.3022 will pave the way to 61.8% retracement at 1.3650 and above. Overall, medium term outlook remains neutral at worst with 1.2048/61 support zone intact.

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