USD/CAD Daily Outlook
Daily Pivots: (S1) 1.0193; (P) 1.0238; (R1) 1.0265; More...
The break of 1.0216 minor support suggests that pull back from 1.0341 is going to go deeper. Intraday bias is mildly on the downside and deeper fall could be seen to 55 days EMA (now at 1.0101). On the upside, above 1.0295 is needed to signal completion of the correction. Otherwise, deeper fall will remain mildly in favor.
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.