Sat, Jun 10, 2023 @ 00:26 GMT

USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3571; (P) 1.3609; (R1) 1.3629; More….

A temporary top should be conformed at 1.3650 with current retreat. Intraday bias in USD/CAD is turned neutral first. Overall, the correction pattern from 1.3976 could have completed with three waves to 1.3299. Above 1.3650 will resume the rise from 1.3299 to 1.3860/3976 resistance zone. Decisive break there will resume larger up trend. However, break of 1.3521 support will dampen this bullish case.

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, sustained break of 55 W EMA (now at 1.3302) is needed to confirm medium term topping. Otherwise, outlook will remain bullish even in case of deep pull back.

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