USD/CAD’s fall from 1.3897 resumed and accelerated lower last week, closing below 1.3378 support. The development argues that whole rise from 1.3091 has completed at 1.3897 already. Initial bias stays on the downside this week. Sustained trading below 1.3378 will bring deeper fall to 1.3091 support next. For now, risk will stay on the downside
USDCAD Outlook
Daily Pivots: (S1) 1.3473; (P) 1.3540; (R1) 1.3586; More… Intraday bias in USD/CAD remains on the downside at this point, with focus on 1.3378 support. Decisive break there will argue that whole rise from 1.3091 has completed at 1.3897. Deeper fall should then be seen back to 1.3091, to extend the sideway pattern from 1.3978.
Daily Pivots: (S1) 1.3473; (P) 1.3540; (R1) 1.3586; More… USD/CAD’s fall from 1.3897 resumed by breaking through 1.3479 support. Intraday bias is back on the downside for 1.3378 support zone. Strong support is expected there to bring rebound. But still, break of 1.3617 resistance is needed to indicate short term bottoming. Otherwise, risk will stay
Daily Pivots: (S1) 1.3551; (P) 1.3585; (R1) 1.3625; More… Intraday bias in USD/CAD remains neutral at this point as range trading continues. On the upside, firm break of 1.3265 minor resistance will confirm short term bottoming at 1.3479. More importantly, whole correction from 1.3897 could have completed too. Intraday bias will be back on the
Daily Pivots: (S1) 1.3548; (P) 1.3576; (R1) 1.3603; More… No change in USD/CAD’s outlook and intraday bias stays neutral. On the downside, below 1.3547 minor support will argue that recovery from 1.3479 has completed. Intraday bias will be turned back to the downside for 1.3479 and below, to resume the decline from 1.3897. But downside
Daily Pivots: (S1) 1.3552; (P) 1.3581; (R1) 1.3611; More… Intraday bias in USD/CAD remains neutral for the moment. On the downside, below 1.3479 will resume the corrective fall from 1.3897. But downside should be contained by 1.3378 support, which is close to 61.8% retracement of 1.3091 to 1.3897 at 1.3399, to bring rebound. On the
USD/CAD edged lower to 1.3479 last week but recovered since then. Yet, upside is capped below 1.3625 resistance. Initial bias stays neutral this week first. On the downside, below 1.3479 will resume the corrective fall from 1.3897. But downside should be contained by 1.3378 support, which is close to 61.8% retracement of 1.3091 to 1.3897