Thu, Jan 26, 2023 @ 21:45 GMT

USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3537; (P) 1.3564; (R1) 1.3603; More….

Intraday bias in USD/CAD stays neutral at this point. On the upside, break of 1.3704 will resume the rebound from 1.3224 to retest 1.3976 high. On the downside, break of 1.3483 will turn bias back to the downside for 1.3224 support zone.

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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