Daily Pivots: (S1) 1.3532; (P) 1.3579; (R1) 1.3606; More…
Intraday bias in USD/CAD remains on the downside at this point. Current fall from 1.3897 is in progress, and should target 1.3378 support next. On the upside, though, above 1.3625 minor resistance will turn intraday bias neutral again first.
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.
