USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3929; (P) 1.3983; (R1) 1.4010; More

Intraday bias in USD/CAD remains neutral for the moment. Consolidations from 1.4104 should be brief as long as 1.3958 resistance turned support holds. Above 1.4104 will resume larger up trend to 61.8% projection of 1.3418 to 1.3958 from 1.3841 at 1.4175. Nevertheless, break of 1.3958 will bring lengthier consolidations, and risk deeper pull back to 1.3841 cluster support (38.2% retracement of 1.3418 to 1.4104 at 1.3842).

In the bigger picture, up trend from 1.2005 (2021) is resuming with break of 1.3976 key resistance (2022 high). Next target is 61.8% projection of 1.2401 to 1.3976 from 1.3418 at 1.4391. Now, medium term outlook will remain bullish as long as 1.3418 support holds, even in case of deep pullback.

Featured Analysis

Learn Forex Trading