Daily Pivots: (S1) 1.4327; (P) 1.4361; (R1) 1.4424; More…
Intraday bias in in USD/CAD remains neutral at this point. Overall, corrective pattern from 1.4791 is still extending. On the upside, break of 1.4400 will argue that it’s still in the second leg. Intraday bias will be turned back to the upside fro 1.4541 resistance first, and then 100% projection of 1.4150 to 1.4541 from 1.4234 at 1.4625. On the downside, though, break of 1.42324 support will suggest that the third leg has already started for 1.4150 and below.
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.
