Daily Pivots: (S1) 1.3918; (P) 1.3939; (R1) 1.3974; More…
Intraday bias in USD/CAD is turned neutral first with current retreat. A temporary top was formed at 1.3958, ahead of 1.3976 resistance. Considering bearish divergence condition in 4H MACD, firm break of 1.3890 minor support will indicate short term topping, and turn bias back to the downside for 55 D EMA (now at 1.3712). On the upside, decisive break of 1.3976 will resume larger up trend.
In the bigger picture, sideway consolidation pattern from 1.3976 (2022 high) might still extend further. While another decline cannot be ruled out, 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. Decisive break of 1.3976 will target 61.8% projection of 1.2401 to 1.3976 from 1.3418 at 1.4391.
. On the upside, decisive break of 1.3976 will resume larger up trend.){kind=link}