USDCAD day trade outlook: Still bearish
Day trade update and view
A Tuesday sell-off to probe below 1.3270 support to 1.3266, then despite a bounce from here to still reinforce Monday’s stall back lower after the Thursday-Friday rebound remained capped by 1.3420 resistance, to renew bear forces from the early August sell-off through the key swing low at 1.3309 and February support at 1.3267, to keep the risk to the downside for Wednesday.
Day trade setup
· We see a downside bias for 1.3266 and then 1.3229; a break here aims for the key swing low at 1.3198, maybe towards 1.3118.
· But above 1.3361 opens risk up towards 1.3420, which we would look to try to cap; Above targets the 1.3460/83 peaks.
USDCAD intermediate-term outlook
The April push below 1.3922 set an intermediate-term bear trend.
- Downside risks: We see downside risk for 1.3198 and 1.3000/1.2948
- What changes this? Above 1.3832 shifts the intermediate-term outlook from bearish straight to bullish.
6 Hour USDCAD Forex Chart
