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 USD/CAD Daily Outlook

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fxpulsation



Posts : 8759
Join date : 2012-01-25

PostSubject: USD/CAD Daily Outlook   Mon Mar 17, 2014 9:31 am



USD/CAD Daily Outlook

Daily Pivots: (S1) 1.1071; (P) 1.1090; (R1) 1.1117; More...

USD/CAD is still bounded in consolidation from 1.1223 and intraday bias remains neutral. On the downside, below 1.0954 would likely bring deeper correction to 38.2% retracement of 1.0181 to 1.1223 at 1.0852. Meanwhile, break of 1.1194 will indicate larger up trend resumption for another high above 1.1223.

In the bigger picture, rally from 2011 low of 0.9406 is viewed as the third leg of the pattern from 0.9056 low (2007 low). That is, current rise would likely extend through 50% retracement of 1.3063 to 0.9406 at 1.1235 to 61.8% retracement at 1.1666 in medium term. We'd start to look for reversal signal again above 1.1666. But before that, outlook will stay bullish as long as 1.0736 resistance tuned support holds.
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