Daily Pivots: (S1) 1.4267; (P) 1.4298; (R1) 1.4336; More…
Intraday bias in USD/CAD is turned neutral again as it recovered ahead of 1.4238 support. On the downside, break of 1.4238 support will argue that corrective pattern from 1.4791 has already started the third leg. Deeper decline should be seen to 1.4150 support next. On the upside, though, break of 1.4400 resistance will argue that rebound from 1.4150 is possibly still in progress, and target 1.4541 resistance and possibly above.
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.
