USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3349; (P) 1.3382; (R1) 1.3414; More

Intraday bias in USD/CAD remains on the downside for the moment. Rise from 1.3091 could have completed at 1.3897 already. Sustained trading below 1.3378 support will bring deeper fall to 1.3091 support next. For now, risk will stay on the downside as long as 1.3479 support turned resistance holds, in case of recovery.

In the bigger picture, outlook is mixed up by deeper then expected fall from 1.3897. But after all, price actions from 1.3976 (2022 high) are viewed as a corrective pattern that’s in progress. Larger up trend from 1.2005 (2021 low) is still expected to resume at a later stage as long as 1.2947 resistance turned support holds.

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