USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3087; (P) 1.3129; (R1) 1.3153; More….

USD/CAD is staying in consolidation from 1.3102 and intraday bias remains neutral first. With 1.3185 minor resistance intact, further fall remains in favor. On the downside, break of 1.3102 will resume the fall from 1.3327 and target 1.3042 key support next. On the upside, above 1.3185 will suggest short term bottoming and turn bias back to the upside for retest 1.3327 resistance 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.