USD / CAD Daily Outlook | Forex action

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

A further increase remains slightly favorable in USD / CAD. The corrective withdrawal of 1.4667 could already have ended at 1.3920. The new 1.4667 / 89 resistance zone test should be considered mixed. On the downside, in the event of a further decline, the decline should be contained by a 61.8% retracement from 1.3202 to 1.4667 to 1.3762 to bring the rebound back.

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Overall, the rise from 1.2061 likely resumes the upward trend from 0.9056 (2007 low). A decisive break out of 1.4689 will confirm this bullish case. The next medium-term objective is a projection of 161.8% from 1.2061 to 1.3664 against 1.2951 to 1.5545. The rejection by 1.4689 will first bring some consolidations. But the outlook will remain bullish as long as resistance at 1.3664 continues, even in the event of a deep decline.


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