USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3601; (P) 1.3647; (R1) 1.3685; More….

Intraday bias in USD/CAD stays neutral at this point. More consolidations could be seen below 1.3693 temporary top. But further rally is expected as long as 1.3488 support holds. Above 1.3693 will resume the rally from 1.3091 to 1.3860 resistance, and then 1.3976 high.

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 1.3445) holds.

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