USD/CAD Daily Outlook – Action Forex

Daily Pivots: (S1) 1.3651; (P) 1.3688; (R1) 1.3742; More

Intraday bias in USD/CAD stays neutral as sideway trading continues. Outlook will remain bearish as long as 1.3773 resistance holds. Break of 1.3574 will argue that consolidation pattern from 1.3538 has completed. And larger fall from 1.4791 is ready to resume through 1.3538. However, firm break of 1.3773 will argue that it’s now correcting the whole fall from 1.4791 and target 1.4014 resistance instead.

In the bigger picture, price actions from 1.4791 medium term top could either be a correction to rise from 1.2005 (2021 low), or trend reversal. In either case, further decline is expected as long as 1.4014 resistance holds. Next target is 61.8% retracement of 1.2005 (2021 low) to 1.4791 at 1.3069.

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