Daily Pivots: (S1) 1.3779; (P) 1.3805; (R1) 1.3834; More…
Intraday bias in USD/CAD is turned neutral with 4H MACD crossed below signal line. While another rise might be seen, strong resistance could emerge from 1.3897 to limit upside on first attempt. On the downside, break of 1.3745 will turn bias to the downside to extend the corrective pattern from 1.3897 with another falling leg. In this case, strong support should be seen from 38.2% retracement of 1.3091 to 1.3897 at 1.3589 to bring rebound.
In the bigger picture, corrective pattern from 1.3976 (2022 high) should have completed with three waves down to 1.3091. Decisive break of 1.3976 high will confirm resumption of up trend from 1.2005 (2021 low). Next target is 61.8% projection of 1.2401 to 1.3976 from 1.3091 at 1.4064. This will remain the favored case as long as 1.3378 support holds.
