USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3448; (P) 1.3527; (R1) 1.3572; More

USD/CAD reversed after edging higher to 1.3612, but stays above 1.3419 support. Intraday bias remains neutral first. On the downside, firm break of 1.3419 support will argue that rebound from 1.3176 has completed. Near term outlook will be turned bearish for 1.3357 support first. On the upside, though, above 1.3612 will resume the rebound from 1.3176 instead.

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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