USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3350; (P) 1.3374; (R1) 1.3393; More….

Intraday bias in USD/CAD on the upside with break of 1.3386 resistance. Current development argues that correction from 1.3976 has completed with three waves down to 1.3091. Further rally would then be seen to 1.3653 resistance next. Break there will further confirm this case and target 1.3976 high. On the downside, though, below 1.3318 minor support will mix up the outlook and turn intraday bias neutral again first.

In the bigger picture, price actions from 1.3976 are viewed as a corrective fall only. Upon completion, rise from 1.2005 (2021 low) would resume through 1.3976 towards 1.4667/89 long term resistance zone. In case of another fall, downside should be contained by 61.8% retracement of 1.2005 to 1.3976 at 1.2758.

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