Daily Pivots: (S1) 1.3716; (P) 1.3746; (R1) 1.3786; More…

Intraday bias in USD/CAD stays on the upside and outlook is unchanged. Corrective pattern from 1.3845 might have completed with three waves to 1.3588, after hitting 38.2% retracement of 1.3716 to 1.3845 at 1.3589. Further rise should be seen to 1.3790 resistance first. Firm break there will likely resume whole rally from 1.3176 to 61.8% projection of 1.3176 to 1.3845 from 1.3588 at 1.4025. Nevertheless, break of 1.3704 minor support will dampen this bearish case.

In the bigger picture, price actions from 1.3976 (2022 high) are viewed as a corrective pattern. In case of another fall, strong support should emerge above 1.2947 resistance turned support to bring rebound. Firm break of 1.3976 will confirm up 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.