Daily Pivots: (S1) 1.3694; (P) 1.3709; (R1) 1.3730; More…
Intraday bias in USD/CAD stays on the downside at this point despite weak downside momentum. Fall from 1.3946 would extend towards 1.3588 key support. On the upside, above 1.3674 minor resistance will turn bias back to the upside for stronger recovery.
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.
