USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3162; (P) 1.3230; (R1) 1.3268; More…

UISD/CAD’s decline from 1.3327 accelerates to as low as 1.3180 so far. Break of 1.3190 support suggests that rise from 1.3042 has completed at 1.3327. Intraday bias is now on the downside for retesting 1.3042 support. On the upside, break of 1.3327 is needed to confirm resumption of the rise form 1.3042. Otherwise, risk will now stay mildly on the downside in case of recovery.

In the bigger picture, 38.2% retracement of 1.2061 to 1.364 at 1.3052 remains intact. Medium term rise from 1.2061 low is in favor to resume sooner or later. Firm break of 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685 will confirm and target 1.4689 high. However, sustained break of 1.3052 will confirm completion of up trend from 1.2061 (2017 low). Further fall should be seen to 61.8% retracement at 1.2673 next.