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USD/CAD Mid-Day Outlook

By:

Action Forex

2008-30-12

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Daily Pivots: (S1) 1.2104; (P) 1.2165; (R1) 1.2260;

USD/CAD's rise today suggests that sideway trading from 1.2389 might be completed. Intraday bias is now on the upside as long as 1.2065 minor support holds and further rise should be seen towards 1.2514 resistance. As discussed before, fall from 1.3005 might have completed at 1.1818 already. Break of 1.2514 resistance will confirm this case and bring retest of 1.3005/15 resistance zone. On the downside, though, below 1.2065 will indicate that fall from 1.3005 is probably resuming 1.1464 support instead.

In the bigger picture, firstly, there is no confirmation of completion of medium term up trend from 0.9056 yet. Though, recent development suggests that consolidation from 1.3015 is still in progress with risk of another fall to retest 1.1464 support before resuming the medium term up trend towards 61.8% retracement of 1.6196 to 0.9056 at 1.3469. However, decisive break of 1.1464 support will be an important alert that whole rise from 0.9056 has possibly completed. Deeper correction should then be seen in such case.

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