Daily Pivots: (S1) 1.3209; (P) 1.3253; (R1) 1.3274; More….
Intraday bias in USD/CAD stays neutral at this point as it’s recovering after hitting 1.3202 support. On the upside, break of 1.3386 and sustained trading above 55 D EMA (now at 1.3358) will argue that whole corrective pattern from 1.3976 has completed with three waves down to 1.3115. Further rally should then be seen to 1.3653 resistance next. Nevertheless, firm break of 1.3202 support will bring retest of 1.3115 low instead.
In the bigger picture, price actions from 1.3976 are viewed as a correction to up trend from 1.2005 (2021 low) only. Hence, the up trend is in favor to resume through 1.3976 at a later stage. Nevertheless, another fall below 1.3115 will extending the decline from 1.3976 to 61.8% retracement of 1.2005 to 1.3976 at 1.2758, and raise the chance of bearish trend reversal.
 will argue that whole corrective pattern from 1.3976 has completed with three waves down to 1.3115. Further rally should then be seen to 1.3653 resistance next. Nevertheless, firm break of 1.3202 support will bring retest of 1.3115 low instead.){kind=link}