USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3527; (P) 1.3680; (R1) 1.3757; More

Intraday bias in USD/CAD is turned neutral with current retreat, and some consolidations would be seen below 1.3831 temporary top. Downside of retreat should be contained above 1.3222 support turned resistance to bring another rally. Break of 1.3831 will resume recent up trend to 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.

In the bigger picture, up trend from 1.2005 (2021 low) is still in progress. Based on current impulsive momentum, it could be resuming long term up trend from 0.9056 (2007 low). Whether it is or it isn’t, retest of 1.4689 (2016 high) should be seen next. This will now remain the favored case as long as 1.3222 resistance turned support holds.

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