USD/CAD Daily Outlook

USD/CAD Daily Outlook

Daily Pivots: (S1) 1.0118; (P) 1.0150; (R1) 1.0210; More...

USD/CAD rises further to as high as 1.0194 so far today and intraday bias remains on the upside. Correction from 1.0341 might be completed at 1.0013 already. Further rise should be seen back to 1.0293 resistance first. Break will resume the larger rally from 0.9633 and should target 1.0341 and above. On the downside, below 1.0137 minor support will turn bias neutral and bring consolidations.

In the bigger picture, price actions from 1.0656 are viewed as a correction pattern, no change in this view. USD/CAD is trying to draw support from 55 weeks EMA for the moment and the question is on whether rise from 0.9633 has finished. We'll stay neutral first. Break of 1.0341 will resume rise from 0.9633 and signal upside moment for another high above 1.0656. Though, sustained trading below the 55 weeks EMA will likely bring deeper decline back to 0.9460/9633 support zone.