USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3504; (P) 1.3538; (R1) 1.3581; More….

Intraday bias in USD/CAD is turned neutral again as consolidation from 1.3574 is going to extend for a while. But downside of retreat should be contained by 0.3371 to bring another rally. Break of 1.3574 will target 1.3653 resistance first. Decisive break there will confirm that correction from 1.3976 has completed, a target a test on this 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. Next target is 61.8% projection of 1.2005 to 1.3976 from 1.3091 at 1.4309. 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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