USD/CAD Mid-Day Outlook

Daily Pivots: (S1) 1.4055; (P) 1.4119; (R1) 1.4238; More….

USD/CAD’s break of 1.4275 minor resistance suggests that corrective pull back from 1.4667 has completed at 1.3920. Intraday bias is back on the upside for retesting 1.4667/4689 resistance zone. On the downside, in case of another fall, downside should be contained by 61.8% retracement of 1.3202 to 1.4667 at 1.3762 to bring rebound.

In the bigger picture, rise from 1.2061 is likely resuming whole up trend from 0.9056 (2007 low). Decisive break of 1.4689 will confirm this bullish case. Next medium term target is 161.8% projection of 1.2061 to 1.3664 from 1.2951 at 1.5545. Rejection by 1.4689 will bring some consolidations first. But outlook will remain bullish as long as 1.3664 resistance turned support holds, even in case of deep pull back.