USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3497; (P) 1.3524; (R1) 1.3553; More….

Intraday bias in USD/CAD stays neutral for the moment. Further rally is still expected as long as 1.3488 support holds. On the upside, break of 1.3693 will resume the rise from 1.3091 and target 1.3860 resistance next. However, firm break of 1.3488 will bring deeper fall to 61.8% retracement of 1.3091 to 1.3693 at 1.3321.

In the bigger picture, price actions from 1.3976 are viewed as a corrective pattern. Strong support from 55 D EMA (now at 1.3465) will solidify the case that it has completed with three waves down to 1.3091 already. Break of 1.3976 will target 61.8% projection of 1.2005 to 1.3976 from 1.3091 at 1.4309. However, sustained break of 55 D EMA will indicate that the pattern is extending with another falling leg before completion.

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