USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3546; (P) 1.3572; (R1) 1.3598; More

Intraday bias in USD/CAD remains neutral for the moment. Some consolidations would be seen but further rally is still expected as long as 1.3477 support holds. Break of 1.3646 will resume the rise from 1.3716. Sustained break of channel resistance would prompt upside acceleration towards 1.3897 resistance next. However, firm break of 1.3477 will argue that rise from 1.3176 has completed and turn outlook bearish.

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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