USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3078; (P) 1.3136; (R1) 1.3169; More….

USD/CAD’s fall is still in progress and intraday bias stays on the downside. Break of 1.3115 indicates resumption of larger down trend. Next targets are 61.8% projection of 1.3653 to 1.3115 from 1.3386 at 1.3054, and then 100% projection at 1.2848. On the upside, above 1.3233 minor resistance will turn intraday bias neutral first. But outlook will remain bearish as long as 1.3386 resistance holds, in case of recovery.

In the bigger picture, price actions from 1.3976 are viewed as a correction to up trend from 1.2005 (2021 low) only. Hence, the up trend is in favor to resume through 1.3976 at a later stage. Nevertheless, another fall below 1.3115 will extending the decline from 1.3976 to 61.8% retracement of 1.2005 to 1.3976 at 1.2758, and raise the chance of bearish trend reversal.

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