Fri, Jun 09, 2023 @ 13:46 GMT

USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3625; (P) 1.3685; (R1) 1.3720; More….

Intraday bias in USD/CAD stays neutral at this point. Further rally is expected as long as 1.3629 support holds. Firm break of 1.3860 will target 1.3976 high. However, break of 1.3629 will mix up the near term outlook. Intraday bias will be back on the downside for 55 day EMA (now at 1.3586), or even further to 61.8% retracement of 1.3261 to 1.3860 at 1.3490.

In the bigger picture, the up trend from 1.2005 (2021 low) is still in progress. Break of 1.3976 will confirm resumption and target 61.8% projection of 1.2401 to 1.3976 from 1.3261 at 1.4234. Firm break there will pave the way to long term resistance zone at 1.4667/89 (2016, 2020 highs). On the downside, break of 1.3261 support is needed to confirm medium term topping. Otherwise, outlook will remain bullish even in case of deep pull back.

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