USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3521; (P) 1.3580; (R1) 1.3609; More….

Intraday bias in USD/CAD is turned neutral first with current retreat. But further rally is expected as long as 1.3509 support holds. On the upside, decisive break of 1.3653 resistance there will confirm that correction from 1.3976 has completed, and target a test on this high. On the downside, however, break of 1.3509 support will indicate short term topping, and turn bias to the downside for some correction first.

In the bigger picture, price actions from 1.3976 are viewed as a corrective pattern 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. For now, this will remain the favored case as long as 55 D EMA (now at 1.3387) holds.

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