Daily Pivots: (S1) 1.3322; (P) 1.3344; (R1) 1.3371; More…
Intraday bias in USD/CAD remains on the upside at this point. Rebound from 1.3176 short term bottom is in progress for 38.2% retracement of 1.3897 to 1.3176 at 1.3451. Firm break there will pave the way to 61.8% retracement at 1.3622. On the downside, however, break of 1.3299 minor support will turn bias back to the downside for retesting 1.3176 low instead.
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.
