USD/CAD Daily Outlook

Daily Pivots: (S1) 1.2881; (P) 1.2941; (R1) 1.3023; More….

USD/CAD’s rally is still in progress and intraday bias stays on the upside. Medium term rebound from 1.2061 is now extended to target 1.3065 fibonacci level next. On the downside, below 1.2888 minor support will turn intraday bias neutral first. But outlook will now stay bullish as long as 1.2757 resistance turned support holds.

In the bigger picture, strong break of 1.2919 resistance adds much credence to the bullish case. That is larger down trend from 1.4589 has completed at 1.2061, drawing support from 50% retracement of 0.9406 (2011 low) to 1.4689 (2015 high) at 1.2048. Further rally should be seen back to 38.2% retracement of 1.4689 to 1.2061 at 1.3065 first. Break will target 61.8% retracement at 1.3685. This will be the preferred case now as long as 1.2687 support holds.

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