Daily Pivots: (S1) 1.4264; (P) 1.4339; (R1) 1.4380; More…
Intraday bias in USD/CAD is back on the downside with breach of 1.4234 support. Deeper fall would be seen to 1.4150 low. Overall, corrective pattern from 1.4791 is still extending. Firm break of 1.4150 will confirm the start of the third leg towards 1.3946 cluster support. On the upside, break of 1.4414 will argue that the pattern is still in the second leg. Intraday bias will be turned back to the upside for 1.4541 resistance first.
In the bigger picture, long term up trend is tentatively seen as resuming with prior breach of 1.4667/89 key resistance zone (2020/2015 highs). Next target is 100% projection of 1.2401 to 1.3976 from 1.3418 at 1.4993. This will remain the favored case as long as 1.3976 resistance turned support holds (2022 high), even in case of deep pullback.
