USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3560; (P) 1.3632; (R1) 1.3684; More….

Intraday bias in USD/CAD is turned neutral again but further rise is in favor as long as 1.3516 support holds. Break of 1.3704 will resume the rebound from 1.3224 to 1.3807 resistance. Break there will bring retest of 1.3976 high. On the downside, however, break of 1.3516 support will suggest that the rebound has completed, and turn bias back to the downside.

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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