Daily Pivots: (S1) 1.3719; (P) 1.3742; (R1) 1.3759; More…
Intraday bias in USD/CAD is turned neutral first with current recovery. But further fall is expected as long as 1.3790 resistance holds. Break of 1.3720 and sustained trading below 55 D EMA (now at 1.3726) would dampen the original bullish outlook and bring deeper fall to 1.3588 support. On the upside, above 1.3790 minor resistance will bring retest of 1.3946 instead.
In the bigger picture, price actions from 1.3976 (2022 high) are viewed as a corrective pattern, that might have completed at 1.3176 (2023 low) already. Firm break of 1.3976 will confirm 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. This will be the favored case as long as 1.3588 support holds, in case of pullback.
 would dampen the original bullish outlook and bring deeper fall to 1.3588 support. On the upside, above 1.3790 minor resistance will bring retest of 1.3946 instead.){kind=link}