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USD/CAD Day by day Outlook

usd/cad-day-by-day-outlook

Day by day Pivots: (S1) 1.2422; (P) 1.2463; (R1) 1.2539; Extra…

USD/CAD’s break of 1.2497 resistance now means that fall from 1.2947 may need accomplished with three waves right down to 1.2286. Intraday bias is again on the upside. Additional rally will stay mildly in favor so long as 1.2386 help holds. Rise from 1.2286 would goal 1.2894/2947 resistance zone.

Within the larger image, the rejection by 38.2% retracement of 1.4667 to 1.2005 at 1.3022 argues that rebound from 1.2005 is merely a corrective rise, which is full. Extra importantly, the down development from 1.4667 (2020 excessive) will not be over but. Sustained break of 1.2005 will prolong the down development to subsequent long run fibonacci stage at 61.8% retracement of 0.9406 to 1.4689 at 1.1424. In any case, outlook is not going to flip bullish so long as 1.2947 resistance holds.

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