Daily Pivots: (S1) 1.3602; (P) 1.3659; (R1) 1.1.3769; More….
USD/CAD recovered after drawing support from 1.3501 but stays well below 1.3976 resistance. Intraday bias remains neutral first, and further rise in favor as long as 1.3501 support holds. On the upside, decisive break of 1.3976 will resume larger up trend and target 200% projection of 1.2005 to 1.2947 from 1.2401 at 1.4285. On the downside, firm break of 1.3501 will bring deeper correction 55 day EMA (now at 1.3457) and below instead.
In the bigger picture, up trend from 1.2005 (2021 low) is still in progress. Based on current impulsive momentum, it could be resuming long term up trend from 0.9056 (2007 low). Whether it is or it isn’t, retest of 1.4689 (2016 high) should be seen next. This will now remain the favored case as long as 1.3222 resistance turned support holds.
