USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3743; (P) 1.3790; (R1) 1.3821; More

A temporary top was formed at 1.3845 in USD/CAD after hitting 100% projection of 1.3176 to 1.3540 from 1.3477 at 1.3841. Intraday bias is mildly on the downside for pull back to 55 4H EMA (now at 1.3711). But downside should be contained by 1.3660 support to bring another rally. Break of 1.3845 will resume the whole rally from 1.3716 to 1.3976 key resistance.

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. Firm break of 1.3976 will confirm up resumption of whole up trend from 1.2005 (2021 low). Next target is 61.8% projection of 1.2401 to 1.3976 from 1.3176 at 1.4149.

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