Daily Pivots: (S1) 1.3518; (P) 1.3535; (R1) 1.3560; More…
Intraday bias in USD/CAD remains mildly on the upside at this point. Further rise should be seen to retest 1.3605 resistance first. Firm break there will resume whole rally from 1.3176. On the downside, however, break of 1.3458 minor support will turn bias back to the downside or 1.3419 instead.
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.
