Wed, Dec 07, 2022 @ 01:02 GMT

USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3272; (P) 1.3324; (R1) 1.3419; More

USD/CAD’s rally resumed after brief consolidations and intraday bias is back on the upside. Current up trend should target medium term fibonacci level at 1.3650. On the downside, break of 1.3225 minor support is needed to indicate short term topping. Otherwise, outlook will stay bullish in case of retreat.

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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