USD / CAD Daily Outlook | Forex action

Daily pivots: (S1) 1.3898; (P) 1.4026; (R1) 1.4131; More….

The intraday bias in USD / CAD remains down at this point. The drop of 1.4667 is considered a correction and the drop should be contained by a 61.8% retracement from 1.3202 to 1.4667 to 1.3762 to bring the rebound back. Upward, above 1.4275, minor resistance will bring the bias upward to retest 1.4667 first.

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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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