Daily Pivots: (S1) 1.3613; (P) 1.3657; (R1) 1.3735; More….
USD/CAD’s break of 1.3675 minor resistance suggests that pull back from 1.3784 has completed at 1.3568 already. Intraday bias is back on the upside for retesting 1.3784 first. Firm break there will resume larger rise from 1.3091 to retest 1.3976 high. On the downside, below 1.3568 will bring another falling leg to extend the near term corrective pattern.
In the bigger picture, current development revives the case that corrective pattern from 1.3976 (2022 high) has completed with three waves down to 1.3091. Decisive break of 1.3976 high will confirm resumption of up trend from 1.2005 (2021 low). Next target will be 61.8% projection of 1.2401 to 1.3976 from 1.3091 at 1.4064. This will now remain the favored case as long as 1.3378 support holds.
