USD/CAD Daily Outlook

Daily Pivots: (S1) 1.4062; (P) 1.4110; (R1) 1.4196;

USD/CAD edged higher to 1.4173 but retreated quickly . Intraday bias remains neutral first. Price actions from 1.4667 are seen as a corrective pattern. On the upside, break of 1.4265 resistance will indicate completion of the correction. Intraday bias will be turned back to the upside for retesting 1.4667. Intraday bias will be turned back to the upside for retesting 1.4667. In case of another fall, downside should be contained by 61.8% retracement of 1.3202 to 1.4667 at 1.3762 to bring rebound.

In the bigger picture, rise from 1.2061 is likely resuming whole up trend from 0.9056 (2007 low). Decisive break of 1.4689 will confirm this bullish case. Next medium term target is 161.8% projection of 1.2061 to 1.3664 from 1.2951 at 1.5545. Rejection by 1.4689 will bring some consolidations first. But outlook will remain bullish as long as 1.3664 resistance turned support holds, even in case of deep pull back.