USD/CAD Daily Outlook
Daily Pivots: (S1) 1.0466; (P) 1.0503; (R1) 1.0533; More...
Intraday in USD/CAD remains neutral for the moment. Consolidation from 1.0567 is still in progress but downside is expected to be contained by 1.0444 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.