USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3442; (P) 1.3467; (R1) 1.3480; More….

Intraday bias in USD/CAD remains neutral for the moment. Break of 1.3378 will resume the fall from 1.3693, as another leg in the corrective pattern from 1.3976 high, to 61.8% retracement of 1.3091 to 1.3693 at 1.3321. However, firm break of 1.3548 will turn bias back to the upside for retesting 1.3693 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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