Daily Pivots: (S1) 1.3497; (P) 1.3518; (R1) 1.3545; More…
Intraday bias in USD/CAD remains neutral and outlook is unchanged. While recovery from 1.3418 might extend higher, outlook will stay bearish as long as 1.3646 resistance holds. On the downside, break of 1.3418 will resume the fall from 1.3946 to 61.8% projection of 1.3946 to 1.3439 from 1.3646 at 1.3333.
In the bigger picture, corrective pattern from 1.3976 (2022 high) is extending with another falling leg. While deeper decline could be seen, strong support should emerge above 1.2947 resistance turned support to bring rebound. Rise from 1.2005 (2021 low) is still in favor to resume at a later stage.
