USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3417; (P) 1.3441; (R1) 1.3470; More….

Intraday bias in USD/CAD remains neutral and further rally is expected with 1.3318 support intact. Corrective fall from 1.3976 should have completed with three waves down to 1.3091. Above 1.3501 will resume the rebound from 1.3091 to 1.3653 resistance next. Break there will further confirm this case and target 1.3976 high.

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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