USDCAD Outlook |
Written by ActionForex.com |
Nov 07 16 03:11 GMT
Daily Pivots: (S1) 1.3367; (P) 1.3415; (R1) 1.3448; More…
Intraday bias in USD/CAD is turned neutral with today’s dip. But further rise is expected as long as 1.3276 support holds. Current rebound from 1.2460 would target 50% retracement of 1.4689 to 1.2460 at 1.3575. We’d be cautious on strong resistance between there and 61.8% retracement at 1.3838. On the downside, below 1.3276 minor support will turn bias back to the downside for 1.3005 support.
In the bigger picture, price actions from 1.4689 medium term top are seen as a correction pattern. The first leg should have completed at 1.2460. Current rebound from there could extend to 61.8% retracement of 1.4689 to 1.2460 at 1.3838 and above. We’re not expecting resumption of long term up trend yet and the corrective price actions would extend below 1.4689 first.
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USD/CAD Daily Outlook
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