Daily Pivots: (S1) 1.3330; (P) 1.3358; (R1) 1.3402; More….
Intraday bias in USD/CAD stays on the downside at this point. Firm break of 1.3299 will extend the corrective pattern from 1.3976 lower to 100% projection of 1.3976 to 1.3224 from 1.3860 at 1.3395 next. On the upside, though, above 1.3389 minor resistance will turn intraday bias neutral first.
In the bigger picture, as long as 55 W EMA (now at 1.3312) holds, up trend from 1.2005 (2021 low) is still in favor to resume through 1.3976 at a later stage. However, sustained trading below the EMA and 38.2% retracement of 1.2005 to 1.3976 at 1.3233 will raise the chance of bearish reversal. Deeper should then be seen to 61.8% retracement at 1.2758 next.
