USD/CAD Mid-Day Outlook

Daily Pivots: (S1) 1.3443; (P) 1.3545; (R1) 1.3680; More….

Intraday bias in USD/CAD is turned neutral first with today’s deep retreat. Outlook is unchanged that correction from 1.3976 should have completed at 1.3224. On the upside, above 1.3644 will resume the rise from 1.3224 to 1.3807 resistance next. This will remain the favored case as long as 1.3315 support holds, in case of retreat.

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