Daily Pivots: (S1) 1.3452; (P) 1.3470; (R1) 1.3499; More…
A temporary low is in place at 1.3439 with current recovery and intraday bias in USD/CAD is turned neutral first. Upside of recovery should be limited below 1.3617 resistance to bring another fall. On the downside, below 1.3439 will resume the decline from 1.3946 and target 1.3176 support next.
In the bigger picture, current development suggests that corrective pattern from 1.3976 (2022 high) is extending with another falling leg. While deeper decline could be seen, strong support should emerge above 1.2947 resistance turned support to bring rebound. Rise from 1.2005 (2021 low) is still in favor to resume at a later stage.
