USD/CAD Daily Outlook

Daily Pivots: (S1) 1.2778; (P) 1.2823; (R1) 1.2852; More

Intraday bias in USD/CAD remains on the downside at this point. Deeper fall should be seen towards 1.2516 key support. On the upside, above 1.2945 minor resistance will revive near term bullishness, and turn bias back to the upside for retesting 1.3222 instead.

In the bigger picture, down trend from 1.4667 (2020 high) should have completed at 1.2005, after defending 1.2061 long term cluster support. Rise from there should target 61.8% retracement of 1.4667 to 1.2005 (2021 low) at 1.3650. This will remain the favored case now as long as 1.2516 support holds.

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