Daily Pivots: (S1) 1.3775; (P) 1.3861; (R1) 1.3913; More…
Intraday bias in USD/CAD turned neutral with the current retreat. But further rise is expected as long as 1.3786 support holds. Break of 1.3946 will target 61.8% projection of 1.3176 to 1.3845 from 1.3588 at 1.4025 next. Nevertheless, firm break of 1.3786 will turn bias back to the downside for deeper pullback instead.
In the bigger picture, price actions from 1.3976 (2022 high) are viewed as a corrective pattern, that might have completed at 1.3176 (2023 low) already. Firm break of 1.3976 will confirm 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. This will be the favored case as long as 1.3588 support holds, in case of pullback.
