USD/CAD Daily Outlook
Daily Pivots: (S1) 1.0450; (P) 1.0495; (R1) 1.0518; More...
Intraday bias in USD/CAD stays neutral for the moment and some consolidations would be seen below 1.0567 temporary top. But another rally remains in favor as long as 1.0444 minor support holds. Above 1.0567 will target 1.0608 first. Break will resume larger rally from 0.9633 and target 1.0656 key resistance next. However, decisive break of 1.0444 will indicate that rebound from 1.0245 has completed and turn bias back to the downside instead.
In the bigger picture, we're preferring the case that 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 1.0245 support holds. Though, break of 1.0245 will argue that rise from 0.9633 has completed and the sideway pattern from 1.0656 is going to extend further with another medium term term fall.