Daily Pivots: (S1) 1.3172; (P) 1.3219; (R1) 1.3242; More…
USD/CAD’s fall form 1.3897 continues today and intraday bias stays on the downside. Current decline should target 1.3091 support and possibly below. On the upside, above 1.3284 minor resistance will turn intraday bias neutral and bring consolidations. But another fall will remain in favor as long as 1.3479 support turned resistance holds.
In the bigger picture, outlook is mixed up by deeper then expected fall from 1.3897. But after all, price actions from 1.3976 (2022 high) are viewed as a corrective pattern that’s in progress. Larger up trend from 1.2005 (2021 low) is still expected to resume at a later stage as long as 1.2947 resistance turned support holds.
