USDCAD Outlook

Daily Pivots: (S1) 1.3673; (P) 1.3693; (R1) 1.3733; More...

Intraday bias in USD/CAD is back on the upside as rebound from 1.3480 is resuming for 55 D EMA (now at 1.3788). Strong resistance could be seen there to complete the corrective bounce. On the downside, below 1.3625 support will bring retest of 1.3480 low. Firm break there will resume larger fall to 61.8% projection of 1.4791 to 1.3538 from 1.4139 at 1.3365. However, sustained trading above 55 D EMA will raise the chance of near term bullish reversal, and target 1.3927 resistance for confirmation.

In the bigger picture, price actions from 1.4791 are seen as a corrective pattern to the whole up trend from 1.2005 (2021 low). Deeper fall could be seen as the pattern extends, and break of 1.3538 will target 61.8% retracement of 1.2005 to 1.4791 at 1.3069. For now, medium term outlook will be neutral at best, until there are signs that the correction has completed, or that a bearish trend reversal is confirmed.

Daily Pivots: (S1) 1.3634; (P) 1.3659; (R1) 1.3689; More...

Intraday bias USD/CAD remains neutral at this point. On the upside, above 1.3701 will resume the rebound from 1.3480 short term bottom to 55 D EMA (now at 1.3793). On the downside, below 1.3570 minor support will bring retest of 1.3480 low. Firm break there will resume larger fall to 61.8% projection of 1.4791 to 1.3538 from 1.4139 at 1.3365.

In the bigger picture, price actions from 1.4791 are seen as a corrective pattern to the whole up trend from 1.2005 (2021 low). Deeper fall could be seen as the pattern extends, and break of 1.3538 will target 61.8% retracement of 1.2005 to 1.4791 at 1.3069. For now, medium term outlook will be neutral at best, until there are signs that the correction has completed, or that a bearish trend reversal is confirmed.

Daily Pivots: (S1) 1.3621; (P) 1.3654; (R1) 1.3674; More...

Intraday bias in USD/CAD is turned neutral with current retreat. On the upside, above 1.3701 will resume the rebound from 1.3480 short term bottom to 55 D EMA (now at 1.3793). On the downside, below 1.3570 minor support will bring retest of 1.3480 low. Firm break there will resume larger fall to 61.8% projection of 1.4791 to 1.3538 from 1.4139 at 1.3365.

In the bigger picture, price actions from 1.4791 are seen as a corrective pattern to the whole up trend from 1.2005 (2021 low). Deeper fall could be seen as the pattern extends, and break of 1.3538 will target 61.8% retracement of 1.2005 to 1.4791 at 1.3069. For now, medium term outlook will be neutral at best, until there are signs that the correction has completed, or that a bearish trend reversal is confirmed.