USD/CAD Mid-Day Outlook

Daily Pivots: (S1) 1.2709; (P) 1.2770; (R1) 1.2890; More…

Intraday bias in USD/CAD remains on the upside at this point. Current rise from 1.2005 should target for 1.3022 fibonacci level next. On the downside, below 1.2813 minor support will turn intraday bias neutral and bring consolidations first, before staging another rally.

In the bigger picture, fall from 1.4667 is seen as the third leg of the corrective pattern from 1.4689 (2016 high). It should have completed after hitting 1.2061 (2017 low) and 50% retracement of 0.9406 to 1.4689 at 1.2048. Sustained break of 38.2% retracement of 1.4667 to 1.2005 at 1.3022 will pave the way to 61.8% retracement at 1.3650 and above. Overall, medium term outlook remains neutral at worst with 1.2048/61 support zone intact.

August 21, 2021 at 01:16AM
ActionForex.com
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