Daily Pivots: (S1) 1.3599; (P) 1.3623; (R1) 1.3658; More…
USD/CAD dipped to 1.3588 but recovered after hitting 1.3589 support. Intraday bias remains neutral first. Outlook is unchanged that corrective pattern from 1.3845 could extend. Break of 1.3589 will target 100% projection of 1.3845 to 1.3589 from 1.3790 at 1.3534. Strong support would be seen there to bring rebound. On the upside, above 1.3652 minor resistance will turn bias back to the upside for 1.3790 resistance instead.
In the bigger picture, price actions from 1.3976 (2022 high) are viewed as a corrective pattern. In case of another fall, strong support should emerge above 1.2947 resistance turned support to bring rebound. Firm break of 1.3976 will confirm up resumption of whole up trend from 1.2005 (2021 low). Next target is 61.8% projection of 1.2401 to 1.3976 from 1.3176 at 1.4149.
