Wed, Feb 08, 2023 @ 01:01 GMT

USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3436; (P) 1.3479; (R1) 1.3510; More….

Intraday bias in USD/CAD is turned neutral with current retreat. But risks stay on the upside as long as 1.3320 support holds. Pull back from 1.3704 should have completed. On the upside, above 1.3519 will target a test on 1.3704 first. Firm break there will resume the whole rebound from 1.3224.

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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