USD/CAD Daily Outlook
Daily Pivots: (S1) 1.0508; (P) 1.0533; (R1) 1.0559; More...
USD/CAD is still staying in range below 1.0567 and intraday bias remains neutral for some more consolidations. But downside should be contained by 1.0444 support and bring another rally. Above 1.0567 will target 1.0608 and then and 1.0656. Though, break of 1.0444 will suggest that rebound from 1.0245 has completed and will turn bias back to the downside.
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.