Daily Pivots: (S1) 1.3591; (P) 1.3647; (R1) 1.3738; More…
Intraday bias in USD/CAD remains on the upside for the moment. Firm break of channel resistance would prompt upside acceleration, and extend the rally from 1.3176 to 1.3897 resistance next. For now, further rally will remain in favor as long as 1.3554 support holds, in case of retreat.
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.
