USD/CAD Mid-Day Outlook

Daily Pivots: (S1) 1.3221; (P) 1.3241; (R1) 1.3256; More….

USD/CAD’s corrective fall from 1.3329 extends lower today and intraday bias stays on the downside for 55 day EMA (now at 1.3189). But downside should be contained above 1.3104 resistance turned support to bring rise resumption. On the upside, above 1.3278 minor resistance will turn bias back to the upside. Sustained break of 1.3327 should confirm completion of consolidation pattern from 1.3664. Further rise should be seen to retest 1.3664 high.

In the bigger picture, price actions from 1.3664 (2018 high) is seen as a corrective move that has probably completed. Rise from 1.2061 (2017 low) might be ready to resume. Decisive break of 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685 will pave the way to retest 1.4689 high. However, break of 1.3104 resistance turned support will extend the corrective with another fall through 1.2951 before completion.