USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3168; (P) 1.3181; (R1) 1.3199; More…

Break of 1.3158 support suggests resumption of fall from 1.3327. Intraday bias is back on the downside for 1.3042 support. On the upside, break of 1.3270 resistance is needed to indicate completion of the decline. Otherwise, further fall remains in favor 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.