USD/CAD Daily Outlook

Daily Pivots: (S1) 1.2820; (P) 1.2842; (R1) 1.2887; More

Intraday bias in USD/CAD is turned neutral again as it retreated after hitting 1.2935. Some consolidations could be seen, but near term outlook will stay mildly bullish as long as 1.2604 support holds. On the upside, above 1.2935 will target 1.2947 resistance next. Firm break there will target 1.3022 key medium term fibonacci level.

In the bigger picture, focus will be on 38.2% retracement of 1.4667 (2020 high) to 1.2005 (2021 low) at 1.3022. Sustained break there should confirm that the down trend from 1.4667 has completed after defending 1.2061 long term cluster support. Further rise would then be seen towards 61.8% retracement at 1.3650. On the downside, however, break of 1.2286 will turn focus back to 1.2005 low again.

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