USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3446; (P) 1.3477; (R1) 1.3514; More

Intraday bias in USD/CAD remains neutral as range trading continues inside 1.3357/3585. With 1.3357 support intact, further rally is expected. On the upside, firm break of 1.3585 will resume the rebound from 1.3176 for 1.3897 resistance. However, break of 1.3357 will argue that the rebound from 1.3176 has completed and bring retest of this low.

In the bigger picture, price actions from 1.3976 (2022 high) are viewed as a corrective pattern only. In case of another fall, strong support should emerge above 1.2947 resistance turned support to bring rebound. Overall, larger up trend from 1.2005 (2021 low) is still expected to resume through 1.3976 at a later stage.

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