Wed, Feb 08, 2023 @ 00:44 GMT

USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3396; (P) 1.3448; (R1) 1.3545; More….

USD/CAD’s break of 1.3451 minor resistance suggests that corrective pull back from 1.3704 has completed at 1.3320. Intraday bias is back on the upside for resting 1.3704 first. Firm break there will resume the whole rebound from 1.3224. For now, risk will stay on the upside as long as 1.3320 holds, in case of retreat.

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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