USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3256; (P) 1.3295; (R1) 1.3361; More

Intraday bias in USD/CAD remains mildly on the upside for the moment. Rebound from 1.3176 short term bottom should extend to 38.2% retracement of 1.3897 to 1.3176 at 1.3451. On the downside, break of 1.3176 is needed to confirm resumption of the fall from 1.3897. Otherwise, risk is mildly on the upside in case of retreat.

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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