USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3052; (P) 1.3069; (R1) 1.3086; More….

Intraday bias in USD/CAD remains on the downside as fall from 1.3327 is extending. Focus is now on 1.3042 key support. Decisive break there will carry larger bearish implication and target 1.2673 next. On the upside, though, break of 1.3102 support turned resistance will indicate short term bottoming and turn bias back to the upside.

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.