USD/CAD Mid-Day Outlook

Daily Pivots: (S1) 1.3061; (P) 1.3082; (R1) 1.3119; More…

USD/CAD surges to as high as 1.3193 today. The break of 1.3173 resistance confirm that corrective pull back from 1.3385 has completed at 1.2886, just ahead of 1.2879 key fibonacci level . Intraday bias stays on the upside for 1.3385 first. Break will resume the whole up trend form 1.2061 and target next key resistance level at 1.3685. On the downside, below 1.3092 minor support will turn intraday bias neutral and bring consolidation first, before staging another rally.

In the bigger picture, strong rebound ahead of 38.2% retracement of 1.2061 to 1.3385 at 1.2879 key fibonacci level retains medium term bullishness. That is, rise from 2017 low at 1.2061 is still in progress. Break of 1.3384 should target 61.8% retracement of 1.4689 (2015 high) to 1.2061 (2017 low) at 1.3685. On the downside, as long as 1.2886 support holds, outlook will now remain bullish.