USD/CAD Daily Outlook

Daily Pivots: (S1) 1.2599; (P) 1.2631; (R1) 1.2676; More

Intraday bias in USD/CAD remains on the upside at this point. Rise from 1.2286 should target a test on 1.2894/2947 resistance zone. On the downside, break of 1.2491 support is needed to indicate completion of the rise. Otherwise, near term outlook will stay mildly bullish in case of retreat.

In the bigger picture, medium term outlook is neutral for now. The pair drew support from 1.2061 cluster and rebounded. Yet, upside was limited below 38.2% retracement of 1.4667 to 1.2005 at 1.3022. On the upside, firm break of 1.3022 should affirm the case of medium term bullish reversal. However, break of 1.2286 will turn focus back to 1.2005 low again.

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