Daily Pivots: (S1) 1.3495; (P) 1.3545; (R1) 1.3621; More….
Intraday bias in USD/CAD is turned neutral again with current recovery. Corrective structure of the price actions from 1.3699 argues that rise from 1.3224 is not finished. Break of 1.3704 will target 61.8% projection of 1.3224 to 1.3669 from 1.3468 at 1.3762, and then 100% projection at 1.3943. On the downside, break of 1.3468 will bring deeper pull back first.
In the bigger picture, as long as 1.3222 cluster support (38.2% retracement of 1.2005 to 1.3976 at 1.3223) holds, larger up trend from 1.2005 (2021 low) is still expected to resume through 1.3976 high at a later stage. However, firm break of 1.3222/3 will indicate that the trend might have reversed. Deeper fall would be seen to next cluster support at 1.2726 (61.8% retracement at 1.2758).
