USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3589; (P) 1.3627; (R1) 1.3648; More….

Intraday bias in USD/CAD remains neutral for the moment. On the downside, break of 1.3568 will bring another falling leg to extend the near term corrective pattern from 1.3784 . Meanwhile, break of 1.3701 will target 1.3784 first. Break there will resume larger rise from 1.3091 to retest 1.3976 high.

In the bigger picture, current development revives the case that corrective pattern from 1.3976 (2022 high) has completed with three waves down to 1.3091. Decisive break of 1.3976 high will confirm resumption of up trend from 1.2005 (2021 low). Next target will be 61.8% projection of 1.2401 to 1.3976 from 1.3091 at 1.4064. This will now remain the favored case as long as 1.3378 support holds.

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