USD/CAD Daily Outlook
Daily Pivots: (S1) 1.0020; (P) 1.0052; (R1) 1.0078; More...
Intraday bias in USD/CAD remains on the upside for a test on 1.0099 resistance. Break will confirm resumption of whole rally from 0.9633 and should target 100% projection of 0.9633 to 1.0056 from 0.9815 at 1.0238 next. On the downside, below 1.0022 minor support will suggest that consolidation from 1.0099 is still in progress with another falling leg before completion.
In the bigger picture, price action from 1.0656 are viewed as a correction pattern, no change in this view. Current development affirmed that case that such correction has completed at 0.9633 already and medium term rally from 0.9406 is resuming. Focus is back to 1.0445 resistance and decisive break there will confirm our bullish view and target 38.2% retracement of 1.3063 to 0.9406 at 1.0803. In any case, we'll stay cautiously bullish as long as 0.9815 support holds.