USD/CAD Daily Outlook
Daily Pivots: (S1) 1.3141; (P) 1.3171; (R1) 1.3203
USD/CAD remains bounded in range of 1.3056/3264 and intraday bias remains neutral at this point. With 1.3056 support intact, further rise is expected in the pair. On the upside, break of 1.3264 will resume the rise from 1.2781 and target 1.3385 key resistance next. On the downside, however, break of break of 1.3056 will indicate near term reversal and turn outlook bearish.
In the bigger picture, current development revives the case that corrective fall from 1.3385 has completed at 1.2781 already. And whole up trend from 1.2061 (2016 low) is ready to resume. Break of 1.3385 will target 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685. This will now be the favored case as long as 1.2781 support holds.
GBP/JPY Daily Outlook
Daily Pivots: (S1) 144.28; (P) 144.80; (R1) 145.18
With 145.99 minor resistance intact, intraday bias in GBP/JPY remains on the downside for 142.76 support. Sustained break there will bring retest of 139.39/47 key support zone. On the upside, above 145.99 support turned resistance could bring stronger rebound. But near tem outlook will be neutral at best as long as 149.70 key resistance holds.
In the bigger picture, as long as 139.29 cluster support (50% retracement of 122.36 to 156.59 at 139.47) holds, up trend from 122.36 (2016 low) would still extend beyond 156.69 high. However, decisive break of 139.29/47 will suggest that such up trend is completed and turn outlook bearish. In that case, next target is 61.8% retracement at 135.43.
