Birmingham , UK

USD/CAD Mid-Day Outlook


Each day Pivots: (S1) 1.3775; (P) 1.3803; (R1) 1.3845; Extra…

USD/CAD’s rally re-accelerates once more and met 161.8% projection of 1.2005 to 1.2947 from 1.2401 at 1.3925. Preliminary bias stays on the upside. Sustained buying and selling above 1.3925 will pave the way in which to 200% projection at 1.4285. On the draw back, beneath 1.3776 minor help will flip intraday bias impartial first. However outlook will stay bullish so long as 1.3501 help holds.

Within the greater image, up pattern from 1.2005 (2021 low) remains to be in progress. Primarily based on present impulsive momentum, it may very well be resuming long run up pattern from 0.9056 (2007 low). Whether or not it’s or it isn’t, retest of 1.4689 (2016 excessive) must be seen subsequent. This can now stay the favored case so long as 1.3222 resistance turned help holds.

Leave a comment