USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3500; (P) 1.3557; (R1) 1.3645; More

USD/CAD’s rally is still in progress and intraday bias stays on the upside for long term fibonacci level at 1.3650. Break there will target 161.8% projection of 1.2005 to 1.2947 from 1.2401 at 1.3925. On the downside, below 1.3407 minor support will turn intraday bias neutral and bring consolidations first, before staging another rally.

In the bigger picture, up trend from 1.2005 (2021 low) is still in progress. Next target is 61.8% retracement of 1.4667 to 1.2005 (2021 low) at 1.3650. Sustained break there will target 1.4667 (2020 high). This will now remain the favored case as long as 1.2947 resistance turned support holds.

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