USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3389; (P) 1.3414; (R1) 1.3449; More….

USD/CAD breaks through 1.3464 resistance decisively today and hits as high as 1.3761 so far. Near term outlook will remain bullish as long as 1.3464 resistance turned support holds. Further rally should be seen to 161.8% projection of 1.2951 to 1.3329 from 1.3202 at 1.3814 next.

In the bigger picture, price actions from 1.3664 (2018 high) are seen as a corrective move that has completed at 1.2951. Rise from 1.2061 (2017 low) should be ready to resume. Decisive break 1.3664 will target 61.8% projection of 1.2061 to 1.3664 from 1.2951 at 1.3941 next. For now, this will remain the favored case as long as 1.3202 support holds, in case of deep pull back.