Daily Pivots: (S1) 1.4400; (P) 1.4432; (R1) 1.4481; More…
Break of 1.4304 support suggests short term topping at 1.4466 in USD/CAD. Intraday bias is back on the downside for pull back to 55 D EMA (now at 1.4112). But downside should be contained by 38.2% retracement of 1.3418 to 1.4466 at 1.4066 to bring rebound. For now, risk of more consolidations remains as long as 1.4466 holds, in case of recovery.
In the bigger picture, up trend from 1.2005 (2021) is in progress for retesting 1.4667/89 key resistance zone (2020/2015 highs). Medium term outlook will remain bullish as long as 1.3976 resistance turned holds (2022 high), even in case of deep pullback.
. But downside should be contained by 38.2% retracement of 1.3418 to 1.4466 at 1.4066 to bring rebound. For now, risk of more consolidations remains as long as 1.4466 holds, in case of recovery.){kind=link}