Daily Pivots: (S1) 1.3564; (P) 1.3710; (R1) 1.3789; More…
Intraday bias in USD/CAD remains neutral as consolidation from 1.3976 extends. Downside of retreat should be contained by 1.3501 support to bring another rally. On the upside, firm break of 1.3976 will target 200% projection of 1.2005 to 1.2947 from 1.2401 at 1.4285.
In the bigger picture, up trend from 1.2005 (2021 low) is still in progress. Based on current impulsive momentum, it could be resuming long term up trend from 0.9056 (2007 low). Whether it is or it isn’t, retest of 1.4689 (2016 high) should be seen next. This will now remain the favored case as long as 1.3222 resistance turned support holds.
