USD/CAD Mid-Day Outlook

Daily Pivots: (S1) 1.3159; (P) 1.3181; (R1) 1.3203; More…

USD/CAD rebounds strongly in early US session, and dampens the original bearish view. However, it’s staying well below 1.3327 resistance. Intraday bias is turned neutral first. On the upside, break of 1.3327 will resume the rise form 1.3042 and target 1.3382 key structural resistance next. on the downside, through, break of 1.3158 will extend the fall from 1.3327 to retest 1.3042 low.

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.