USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3671; (P) 1.3698; (R1) 1.3721; More

Intraday bias in USD/CAD remains neutral and outlook is unchanged. Further rally is expected as long as 1.3662 support holds. Above 1.3790 will bring retest of 1.3845 high first. Nevertheless, break of 1.3662 will turn bias to the downside to extend the corrective pattern from 1.3845 with another falling leg.

In the bigger picture, price actions from 1.3976 (2022 high) are viewed as a corrective pattern. 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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