USD/CAD Daily Outlook
Daily Pivots: (S1) 1.0138; (P) 1.0179; (R1) 1.0200; More...
USD/CAD's correction from 1.0341 is still in progress and intraday bias remains mildly on the downside for fall to 55 days EMA (now at 1.0131) and possibly below. On the upside, above 1.0284 minor resistance will indicate that such correction is completed and will flip bias back to the upside for 1.0341 and above.
In the bigger picture, price actions from 1.0656 are viewed as a correction pattern, no change in this view. Current development affirmed the 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 1.0099 support holds.