Daily Pivots: (S1) 1.3762; (P) 1.3774; (R1) 1.3797; More…
USD/CAD’s break of 1.3790 resistance strengthens the case that consolidation from 1.3845 has completed at 1.3588. Intraday bias remains on the upside for retesting 1.3845 high next. Firm break there will resume whole rally from 1.3176 to 61.8% projection of 1.3176 to 1.3845 from 1.3588 at 1.4025. On the downside, below 1.3752 minor support will turn intraday bias neutral and bring consolidations first, before staging another rally.
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.
