USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3265; (P) 1.3291; (R1) 1.3344; More….

USD/CAD is losing some downside momentum as seen in 4 hour MACD. But intraday bias stays on the downside for now. Strong support could be seen from 1.3207 cluster support (61.8% retracement of 1.2726 to 1.3976 at 1.3204) to bring rebound. Break of 1.3494 support turned resistance will turn bias back to the upside. However, sustained break of 1.3204/7 will carry larger bearish implication and target 1.2952 support next.

In the bigger picture, as long as 1.3222 cluster support (38.2% retracement of 1.2005 to 1.3976 at 1.3223) holds, larger up trend from 1.2005 (2021 low) is still expected to resume through 1.3976 high at a later stage. . However, firm break of 1.3222/3 will indicate that the trend might have reversed. Deeper fall would be seen to next cluster support at 1.2726 (61.8% retracement at 1.2758).

Featured Analysis

Learn Forex Trading