Daily Pivots: (S1) 1.3238; (P) 1.3265; (R1) 1.3311; More….
Intraday bias in USD/CAD remains on the upside as rebound from 1.3115 is extending. Further rally should be seen to 55 D EMA (now at 1.3369). On the downside, break of 1.3202 minor support will turn bias back to the downside for retesting 1.3115 low instead.
In the bigger picture, price actions from 1.3976 are still viewed as a correction to up trend from 1.2005 (2021 low). Risk will stay on the downside as long as 1.3299 support turned resistance holds. Next target is 61.8% retracement of 1.2005 to 1.3976 at 1.2758. However, sustained trading above 1.3229 will raise the chance that the correction has completed and turn focus back to 1.3653 resistance.
. On the downside, break of 1.3202 minor support will turn bias back to the downside for retesting 1.3115 low instead.){kind=link}