USD/CAD Daily Outlook

USD/CAD Daily Outlook

Daily Pivots: (S1) 1.0472; (P) 1.0514; (R1) 1.0557; More...

Intraday bias in USD/CAD remains neutral for the moment and some more consolidations could be seen below 1.0577 temporary top. Another rally is in favor as long as 1.0423 minor support holds. Above 1.0577 will extend the rise form 0.9633 towards 1.0656 key resistance next. However, break of 1.0423 will confirm short term topping and would bring deeper pull back towards 1.0136 support.

In the bigger picture, we're preferring the view that correction from 1.0656 is completed at 0.9633 already. That is, medium term rebound from 0.9406 is resuming for 38.2% retracement of 1.3063 to 0.9406 at 1.0806. We'll continue to favor this view as long as 1.0136 support holds.