USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3663; (P) 1.3685; (R1) 1.3725; More

Intraday bias in USD/CAD is turned neutral with current rebound. Outlook is unchanged that corrective pattern from 1.3845 is still extending. Below 1.3626 will target 1.3589 cluster support. Nevertheless, break of 1.3717 will turn bias back to the upside for 1.3790 resistance instead.

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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