Daily Pivots: (S1) 1.4205; (P) 1.4236; (R1) 1.4291; More…
Intraday bias in USD/CAD remains neutral the moment. Further decline is expected with 1.4378 resistance intact. Fall from 1.4791 is seen as a correction to rally from 1.3418. Break of 1.4150 will target 1.3946 cluster support (61.8% retracement of 1.3418 to 1.4791 at 1.3942). However, firm break of 1.4378 will suggest that the pull back has completed, and turn bias back to the upside for retesting 1.4791.
In the bigger picture, long term up trend is tentatively seen as resuming with prior 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 support holds (2022 high), even in case of deep pullback.
. However, firm break of 1.4378 will suggest that the pull back has completed, and turn bias back to the upside for retesting 1.4791.){kind=link}