Thu, Jan 26, 2023 @ 21:53 GMT

USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3466; (P) 1.3542; (R1) 1.3599; More….

Intraday bias in USD/CAD remains mildly on the downside. Corrective recovery from 1.3224 might have finished at 1.3704 already. Deeper fall would be seen to 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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