Tue, Feb 07, 2023 @ 06:14 GMT

USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3590; (P) 1.3633; (R1) 1.3695; More….

USD/CAD’s rally from 1.3224 resumed by breaking 1.3644 and intraday bias is back on the upside. Current development is in line with the case that correction from 1.3976 has completed at 1.3224. Further rise should be seen to 1.3807 resistance first, and then 1.3976. For now, this will remain the favored case as long as 1.3383 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).

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