Fri, Mar 24, 2023 @ 22:33 GMT

USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3521; (P) 1.3545; (R1) 1.3575; More….

Intraday bias in USD/CAD remains on the upside as rebound from 1.3261 is still in progress. Further rally should be seen to 1.3684 resistance first. Sustained break there will pave the way back to retest 1.3976 high. On the downside, however, break of 1.3440 support will dampen this bullish cas and turn intraday bias neutral first.

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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