Thu, Feb 02, 2023 @ 19:01 GMT

USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3405; (P) 1.3425; (R1) 1.3445; More….

Intraday bias in USD/CAD stays neutral and outlook is unchanged. Another fall could still be seen through 1.3355 temporary low. But strong support would be seen above 1.3224 to contain downside. Above 1.3483 minor resistance will turn bias back to the upside for 1.3704 resistance. However, sustained break of 1.3222/4 cluster support will resume the whole fall from 1.3976 and carry larger bearish implications.

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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