Daily Pivots: (S1) 1.3349; (P) 1.3396; (R1) 1.3441; More…
While USD/CAD continues to lose upside momentum, as seen in 4H MACD, further rally is in favor to 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 1.3339 minor support will turn bias back to the downside for 1.3176 low instead.
In the bigger picture, price actions from 1.3976 (2022 high) are viewed as a corrective pattern only. While fall from 1.3897 could still extend through 1.3091, strong support should emerge above 1.2947 resistance turned support to bring rebound. Overall, larger up trend from 1.2005 (2021 low) is still expected to resume at a later stage.
