USD/CAD Daily Forecast

Daily Pivots: (S1) 1.1840; (P) 1.1944; (R1) 1.2027; .

Intraday bias remains on the downside as long as 1.2066 minor resistance and current could extend further towards 1.1761 support. Though, we're still expecting strong support there to bring rebound. On the upside, above 1.2066 will turn intraday outlook neutral first. Further break of 1.2503 resistance will indicate that whole decline from 1.3063 has completed and will turn short term outlook bullish for retesting 1.3063 high.

In the bigger picture, there is no change in USD/CAD's outlook. Fall from 1.3063 is treated as the last falling leg of consolidation that started at 1.3015. Having said that, downside of the current fall is expected to be contained by support zone of 1.1761 to complete such consolidation. Sustained break of 1.3063 will confirm medium term up trend resumption for 61.8% retracement of 1.6196 to 0.9056 at 1.3469. However, note that a break below 1.1761/96 will dampen this view and argue that rise from 0.9056 has indeed completed. Focus will then turn to 1.1464 support.

Based on ActionForex.com Technical Outlook