Sat, Feb 04, 2023 @ 08:27 GMT

USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3447; (P) 1.3526; (R1) 1.3667; More….

USD/CAD recovered notably after hitting 1.3383 but stays below 1.3644 resistance. Intraday bias remains neutral for the moment. On the upside, break of 1.3644 resistance will affirm the case that correction from 1.3976 has completed at 1.3224. Further rise should then be seen to 1.3807 resistance first. However, break of 1.3383 will likely resume the fall from 1.3976 through 1.3222 cluster support, which carries larger bearish implications.

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).

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