Daily Pivots: (S1) 1.3551; (P) 1.3585; (R1) 1.3625; More…
Intraday bias in USD/CAD remains neutral at this point as range trading continues. On the upside, firm break of 1.3265 minor resistance will confirm short term bottoming at 1.3479. More importantly, whole correction from 1.3897 could have completed too. Intraday bias will be back on the upside for strong rally back to 1.3853/3897 resistance zone. However, break of 1.3544 minor support will turned bias back to the downside for 1.3479 and below, to resume the decline from 1.3897.
In the bigger picture, rise from 1.3091 is seen as the fifth leg of the whole rise from 1.2005 (2021 low). Further rally is expected as long as 1.3378 support holds, to 61.8% projection of 1.2401 to 1.3976 from 1.3091 at 1.4064. However, decisive break of 1.3378 will dampen this view and bring deeper fall back to 1.3091 instead.
