Daily Pivots: (S1) 1.3511; (P) 1.3580; (R1) 1.3626; More…
Intraday bias in USD/CAD remains neutral at this point. On the downside, firm break of 1.3545 minor support will suggest that recovery from 1.3439 has completed, and turn bias to the downside for retesting this low. Nevertheless, sustained break of 38.2% retracement of 1.3946 to 1.3439 at 1.3633 would argue that the decline from 1.3946 has completed. Stronger rally would then be seen to 61.8% retracement at 1.3752 and above.
In the bigger picture, 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.
