USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3977; (P) 1.4030; (R1) 1.4072; More….

Intraday bias in USD/CAD remains neutral and outlook is unchanged. Correction from 1.4667 could extend lower through 1.3920. But downside should be contained by 61.8% retracement of 1.3202 to 1.4667 at 1.3762 to bring rebound. On the upside, break of 1.4349 will turn bias to the upside for retesting 1.4667/89 resistance zone.

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.