Thu, Feb 02, 2023 @ 18:10 GMT

USD/CAD Mid-Day Outlook

Daily Pivots: (S1) 1.3560; (P) 1.3599; (R1) 1.3622; More….

USD/CAD’s break of 1.3516 support argues that corrective recovery from 1.3224 might have finished at 1.3704 already. Intraday bias is now back on the downside for 1.3383 support first. Break there will target 1.3222/3 key support zone again. On the upside, break of 1.3704 will resume the rebound towards 1.3976 high instead.

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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