Mon, Jun 05, 2023 @ 06:08 GMT

USD/CAD Daily Outlook

Daily Pivots: (S1) 1.2698; (P) 1.2741; (R1) 1.2764; More

The break of 1.2712 support indicates rejection by 1.3022 key fibonacci resistance. Intraday bias in USD/CAD is back on the downside for 1.2401 support next. On the upside, though, above 1.2884 minor resistance will revive near term bullishness and turn bias back to the upside for 1.3075 high.

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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