USD/CAD Daily Outlook

Daily Pivots: (S1) 1.2925; (P) 1.2940; (R1) 1.2972; More…

Intraday bias in USD/CAD stays neutral with focus on 1.2975 minor resistance. For now, we’re holding on to the bullish view that larger rise from 1.2061 is still in progress. On the upside, above 1.2975 support turned resistance will turn bias back to the upside for 1.3063 first. Break will target 1.3225 key near term resistance. However, sustained break of 38.2% retracement of 1.2061 to 1.3385 at 1.2879 will dampen our view and target 50% retracement at 1.2723 next.

In the bigger picture, focus is back on 38.2% retracement of 1.2061 to 1.3385 at 1.2879 key fibonacci level. As long as it holds, 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. However, sustained break of 1.2879 will dampen his bullish view and turn focus back to 61.8% retracement at 1.2567, which is close to 1.2526 support.