USD/CAD Daily Outlook

Daily Pivots: (S1) 1.2806; (P) 1.2868; (R1) 1.2904; More

USD/CAD retreated ahead of 1.2984 resistance and intraday bias is turned neutral first. On the upside, firm break of 1.2984 will argue that corrective fall from 1.3222 has completed with three waves down to 1.2726. Further rally would be seen back to retest 1.3222 high. On the downside, break of 1.2726 will resume the fall from 1.3222 to 1.2516 key support 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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