Daily Pivots: (S1) 1.3602; (P) 1.3618; (R1) 1.3641; More…
USD/CAD is staying in consolidation above 1.3589 and intraday bias stays neutral. On the downside, break of 1.3589 will resume whole fall from 1.3845 and target 100% projection of 1.3845 to 1.3608 from 1.3761 at 1.3524. Also, sustained trading below 55 D EMA (now at 1.3628) will argue that whole rise from 1.3176 has completed already, and turn outlook bearish. On the other hand, strong bounce from current level, followed by break of 1.3689, will retain near term bullishness, and turn bias back to the upside.
In the bigger picture, price actions from 1.3976 (2022 high) are viewed as a corrective pattern. In case of another fall, strong support should emerge above 1.2947 resistance turned support to bring rebound. Firm break of 1.3976 will confirm up resumption of whole up trend from 1.2005 (2021 low). Next target is 61.8% projection of 1.2401 to 1.3976 from 1.3176 at 1.4149.
 will argue that whole rise from 1.3176 has completed already, and turn outlook bearish. On the other hand, strong bounce from current level, followed by break of 1.3689, will retain near term bullishness, and turn bias back to the upside.){kind=link}