USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3412; (P) 1.3446; (R1) 1.3495; More….

Intraday bias in USD/CAD is turned neutral for now, as it recovered after dipping to 1.3378. Some consolidations are expected by another fall is in favor. Below 1.3378 will target 61.8% retracement of 1.3091 to 1.3693 at 1.3321. Sustained break there will target 1.3091 support next. Nevertheless, break of 1.3548 resistance will turn bias back to the upside for 1.3693 resistance instead.

In the bigger picture, price actions from 1.3976 are viewed as a corrective pattern to the up trend from 1.2005 (2021 low). Deeper decline could be seen as the pattern is now extending. But downside should be contained by 50% retracement of 1.2005 to 1.3796 at 1.2991. Rise from 1.2005 is still expected to resume after the correction completes.

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