Thu, Dec 08, 2022 @ 06:53 GMT

USD/CAD Mid-Day Outlook

Daily Pivots: (S1) 1.3444; (P) 1.3493; (R1) 1.3575; More….

USD/CAD’s decline from 1.3976 resumed after brief recovery and intraday bias is back on the downside. Strong support should be seen at 1.3207 cluster support (61.8% retracement of 1.2726 to 1.3976 at 1.3204) to bring rebound. Break of 1.3570 minor resistance will turn intraday bias neutral first. But sustained break of 1.3204/7 will carry larger bearish implications.

In the bigger picture, as long as 1.3222 resistance turned support holds, larger up trend from 1.2005 (2021 low) is still expected to continue at a later stage. Break of 1.3976 will target 1.4667/89 resistance zone. However, firm break of 1.3222 will be a sign of trend reversal and target 55 week EMA (now at 1.3016).

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