USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3633; (P) 1.3657; (R1) 1.3682; More

Further decline is expected in USD/CAD as long as 1.3717 minor resistance holds. Corrective pattern from 1.3845 is now in the third leg. Deeper decline would be seen to 1.3589 support. Break there will target 100% projection of 1.3845 to 1.3589 from 1.3790 at 1.3534.

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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