Daily Pivots: (S1) 1.3279; (P) 1.3316; (R1) 1.3360; More….
USD/CAD recovered after brief dip to 1.3271, and intraday bias stays neutral first. Strong rebound from current level, followed by break of 1.3460 resistance, should confirm short term bottoming. Intraday bias will be back on the upside for 1.3653 resistance, to extend the consolidation pattern from 1.3976. However, decisive break of 1.3224 support will indicate that larger corrective fall is underway, and target 100% projection of 1.3860 to 1.3299 from 1.3653 at 1.3092.
In the bigger picture, rise from 1.2005 (2021 low) is expected to resume through 1.3976 after consolidation from there completes. On decisive break of 1.3976, next target will be 1.4667/89 long term resistance zone. This will remain the favored case as long as 38.2% retracement of 1.2005 to 1.3976 at 1.3233 holds. However, sustained break of 1.3233 will pave the way to 61.8% retracement at 1.2758, and raise the chance of bearish reversal.
