Sun, Nov 27, 2022 @ 14:23 GMT

USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3596; (P) 1.3703; (R1) 1.3845; More

USD/CAD’s rally continued and hit as high as 1.3807 so far. Intraday bias stays on the upside for 161.8% projection of 1.2005 to 1.2947 from 1.2401 at 1.3925. Firm break there will target 200% projection at 1.4285. On the downside, below 1.3543 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. 61.8% retracement of 1.4667 to 1.2005 (2021 low) at 1.3650 is already met. Next target is 1.4667 (2020 high). This will now remain the favored case as long as 1.3222 resistance turned support holds.

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