Daily Pivots: (S1) 1.3747; (P) 1.3764; (R1) 1.3775; More…
Intraday bias in USD/CAD remains mildly on the upside at this point. Correction from 1.3845 might have completed at 1.3589 already. Further rise would be seen to retest 1.3845 high. On the downside, break of 1.3662 support will extend the corrective pattern from 1.3845 with another falling leg instead.
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.
