Daily Pivots: (S1) 1.4287; (P) 1.4334; (R1) 1.4363; More…
No change in USD/CAD’s outlook and intraday bas stays neutral. Strong support is expected from 1.4260 cluster support (38.2% retracement of 1.3418 to 1.4791 at 1.4267), which is also close to 55 D EMA (now at 1.4267), to bring rebound. On the upside, above 1.4501 minor resistance will turn bias back to the upside for retesting 1.4791 short term top. However, firm break of 1.4260 will indicate that deeper correction is underway, and turn bias to the downside.
In the bigger picture, long term up trend is tentatively seen as resuming with breach of 1.4667/89 key resistance zone (2020/2015 highs). Next target is 100% projection of 1.2401 to 1.3976 from 1.3418 at 1.4993. This will remain the favored case as long as 1.3976 resistance turned holds (2022 high), even in case of deep pullback.
, which is also close to 55 D EMA (now at 1.4267), to bring rebound. On the upside, above 1.4501 minor resistance will turn bias back to the upside for retesting 1.4791 short term top. However, firm break of 1.4260 will indicate that deeper correction is underway, and turn bias to the downside.){kind=link}