USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3217; (P) 1.3281; (R1) 1.3316; More

USD/CAD retreated after hitting 1.3343, meeting 100% projection of 1.2005 to 1.2947 from 1.2401 at 1.3343. Intraday bias is turned neutral for consolidations first. Downside of retreat should be contained by 1.3138 support to bring another rally. Sustained break of 1.3343 will pave the way to medium term fibonacci level at 1.3650. However, firm break of 1.3138 will bring deeper pull back towards 1.2952 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 1.2716 support holds.

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