Daily Pivots: (S1) 1.3611; (P) 1.3642; (R1) 1.3666; More…
Intraday bias in USD/CAD is mildly on the downside as fall from 1.3742 extends. Rise from 1.3176 could have completed at 1.3845. Firm break of 1.3589 will target 61.8% retracement of 1.3176 to 1.3845 at 1.3432. On the upside, above 1.3670 minor resistance will turn intraday bias neutral first.
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.
