Wed, Mar 29, 2023 @ 16:56 GMT

USD/CAD Daily Outlook

Daily Pivots: (S1) 1..3437; (P) 1.3487; (R1) 1.3525; More….

Intraday bias in USD/CAD remains on the upside for the moment. Corrective pattern from 1.3976 should have completed at 1.3261. Further rise should be seen to 1.3684 resistance. Firm break there will bring retest 1.3976 high. Nevertheless, break of 1.3421 minor support will dampen this bullish case and turn intraday bias neutral again.

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).

Featured Analysis

Learn Forex Trading