USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3110; (P) 1.3141; (R1) 1.3158; More….

Further rise is expected in USD/CAD as long as 1.3104 minor support holds. Considering bullish convergence condition in daily MACD, the corrective fall from 1.3664 might be finished as a triangle at 1.2951. Decisive break of 1.3327 will confirm this bullish case However, break of 1.3104 will turn bias back to the downside for 1.3036 support instead.

In the bigger picture, rise from 1.2061 (2017 low) could have completed at 1.3664, after failing 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685. However, structure of price actions from 1.3664 argues that it’s probably just a corrective move. Hence, while further fall is expected, downside should be contained by 50% retracement of 1.2061 to 1.3664 at 1.2863.