USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3495; (P) 1.3564; (R1) 1.3608; More….

USD/CAD’s break of 1.3521 dampened the bullish view and suggests that rebound from 1.3299 has completed at 1.3668. Fall from there could be another down leg in the corrective pattern from 1.3976. Intraday bias is back on the downside for 1.3299 support. On the upside, break of 1.3668 will resume the rebound instead.

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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