USD/CAD Mid-Day Outlook

Daily Pivots: (S1) 1.3109; (P) 1.3123; (R1) 1.3139; More….

A temporary low is formed at 1.3102 in USD/CAD and intraday bias is turned neutral first. On the upside, considering bullish convergence condition in 4 hour MACD, break of 1.3185 resistance will indicate short term bottoming. Fall from 1.3327 could have completed. Intraday bias will be turned back to the upside for 1.3327 resistance. on the downside, break of 1.3102 will target 1.3042 key support next.

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.