Daily Pivots: (S1) 1.3660; (P) 1.3698; (R1) 1.3729; More…
USD/CAD continues to spiral higher but stays below 1.3784 resistance. Intraday bias remains neutral at this point. Consolidation from 1.3784 could extend further. On the downside, break of 1.3659 support will bring another falling leg to extend the near term corrective pattern from 1.3784. On the upside, decisive break of 1.3784 resistance will resume the rise from 1.3091 to retest 1.3976 high.
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.
