USD/CAD Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 1.2595; (P) 1.2632; (R1) 1.2666; More

Intraday bias in USD/CAD remains neutral and further rise is mildly in favor with 1.2553 minor support intact. Pull back from 1.2964 should have completed with three waves down to 1.2448. Above 1.2700 will target 1.2812 resistance first, and then 1.2963. On the downside, below 1.2553 minor support will turn bias back to the downside for 1.2448 instead.

In the bigger picture, focus stays on 38.2% retracement of 1.4667 (2020 high) to 1.2005 (2021 low) at 1.3022. Sustained break there should confirm that the down trend from 1.4667 has completed after defending 1.2061 long term cluster support. Further rise would then be seen towards 61.8% retracement at 1.3650. However, rejection by 1.3022 will maintain medium term bearishness. Break of 1.2005 will resume the down trend form 1.4667 and that carries larger bearish implications too.

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