Daily Pivots: (S1) 1.3461; (P) 1.3484; (R1) 1.3509; More…
Intraday bias in USD/CAD remains neutral and more consolidation could be seen below 1.3585 resistance. Further rally is expected as long as 1.3357 support holds. On the upside, firm break of 1.3585 will resume the rebound from 1.3176 for 1.3897 resistance.
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.
