USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3340; (P) 1.3367; (R1) 1.3416; More….

USD/CAD’s rally accelerates to as high as 1.3436 so far and intraday bias stays on the upside. Triangle consolidation from 1.3664 has completed at 1.2951. Break of 61.8% projection of 1.2951 to 1.3329 from 1.3202 at 1.3436 will pave the way to 100% projection at 1.3580 next. On the downside, below 1.3374 minor support will turn intraday bias neutral first. But retreat should be contained above 1.3202 support to bring rally resumption.

In the bigger picture, price actions from 1.3664 (2018 high) is seen as a corrective move that has likely 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 1.3202 support could extend the corrective with another fall through 1.2951 before completion.