USD/CAD Daily Outlook
Daily Pivots: (S1) 1.0241; (P) 1.0262; (R1) 1.0276; More...
USD/CAD's consolidation from 1.0341 is still in progress and intraday bias remains neutral. With 1.0216 minor support intact, such consolidation should still be relatively brief and recent up trend is expected to resume sooner rather than later. Break of 1.0341 will target 1.0445 resistance next. Though, break of 1.0216 support will bring deeper correction before resuming the rally.
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.