Fri, Jun 02, 2023 @ 22:09 GMT

USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3687; (P) 1.3723; (R1) 1.3771; More

Intraday bias in USD/CAD remains neutral as consolidation from 1.3832 is extending. On the upside, firm break of 1.3832 will resume larger up trend. Next target is 161.8% projection of 1.2005 to 1.2947 from 1.2401 at 1.3925. In case of another fall, downside should be contained by 38.2% retracement of 1.2952 to 1.3832 at 1.3496 to bring rebound.

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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