Tue, Dec 06, 2022 @ 23:16 GMT

USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3214; (P) 1.3261; (R1) 1.3311; More

Intraday bias in USD/CAD remains on the upside for the moment. Current up trend should target 100% projection of 1.2005 to 1.2947 from 1.2401 at 1.3343. Break there will target medium term fibonacci level at 1.3650. On the downside, below 1.3238 minor support will turn intraday bias neutral first. But retreat should be contained well above 1.2952 support to bring another rally.

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 1.2716 support holds.

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