Daily Pivots: (S1) 1.3445; (P) 1.3474; (R1) 1.3523; More…
Intraday bias in USD/CAD remains on the upside at this point. Rise from 1.3176 is in progress for 1.3617 cluster resistance (61.8% retracement of 1.3897 to 1.3176 at 1.3622). Decisive break there will pave the way to 1.3897/3976 key resistance zone. On the downside, below 1.3422 minor support will turn intraday bias neutral first.
In the bigger picture, price actions from 1.3976 (2022 high) are viewed as a corrective pattern only. In case of another fall, 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 through 1.3976 at a later stage.
. Decisive break there will pave the way to 1.3897/3976 key resistance zone. On the downside, below 1.3422 minor support will turn intraday bias neutral first.){kind=link}