USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3470; (P) 1.3527; (R1) 1.3638; More….

Intraday bias in USD/CAD stays mildly on the upside for retesting 1.3693. Strong resistance could be seen there to limit upside on first attempt. On the downside, below 1.3415 support will resume the fall from 1.3693 through 1.3378 to 61.8% retracement of 1.3091 to 1.3693 at 1.3321.

In the bigger picture, no change in the view that price actions from 1.3976 (2022 high) are a corrective pattern to up trend from 1.2005 (2021 low). The question is whether it has completed with three waves down to 1.3091, or still extending. But even in case of extension, downside should be contained by 50% retracement of 1.2005 to 1.3796 at 1.2991. Meanwhile, firm break of 1.3693 should validate the former case, and target 1.3976 and above.

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