USD/CAD Daily Outlook

Daily Pivots: (S1) 1.2520; (P) 1.2598; (R1) 1.2641; More

Break of 1.2561 minor support argues that rebound from 1.2401 has completed at 1.2675. Intraday bias is back on the downside for 1.2401 support again. ON the upside, break of 1.2675 will flip bias back to the upside for 1.2899 resistance instead.

In the bigger picture, focus stays 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. However, rejection by 1.3022 will maintain medium term bearishness. Break of 1.2005 will resume the down trend from 1.4667 and that carries larger bearish implications too.

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