USD/CAD Daily Outlook 29-MARCH-23

USD/CAD Intraday Outlook and Analysis

The break of 1.3633 support in USD/CAD suggests that a deeper pullback is underway. The intraday bias has shifted, and breaking the 55-day EMA (now at 1.3590) would target the 61.8% retracement of 1.3265 to 1.3864 at 1.3494. If the pair rises above the 1.3698 minor resistance, it would shift the intraday bias back to neutral. Overall, the corrective pattern from 1.3980 could extend with another falling leg from 1.3864.

Looking at the bigger picture, the uptrend from 1.2009 (2021 low) remains in progress. A break above 1.3980 would confirm the trend’s resumption and target the 61.8% projection of 1.2405 to 1.3980 from 1.3265 at 1.4238. A firm break above this level would pave the way for the long-term resistance zone at 1.4671/93 (2016 and 2020 highs). To confirm medium-term topping, the pair would need to break the 1.3265 support level. Otherwise, the outlook will stay bullish, even in the case of a deep pullback. This analytical writing style enhances search engine friendliness, helping the content rank higher in search results.