Fri, Jun 09, 2023 @ 02:06 GMT

USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3504; (P) 1.3534; (R1) 1.3589; More….

Intraday bias in USD/CAD remains mildly on the upside for the moment. Current development argues that rebound from 1.3313 is possibly another leg inside the triangle pattern from 1.3976. Further rise should be seen for 1.3666 resistance. Break there will target 1.3860 resistance next. On the downside, though, below 1.3478 minor support will turn intraday bias neutral instead.

In the bigger picture, as long as 55 W EMA (now at 1.3321) holds, up trend from 1.2005 (2021 low) is still in favor to resume through 1.3976 at a later stage. However, sustained trading below the EMA and 38.2% retracement of 1.2005 to 1.3976 at 1.3233 will raise the chance of bearish reversal. Deeper should then be seen to 61.8% retracement at 1.2758 next.

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