Daily Pivots: (S1) 1.3623; (P) 1.3684; (R1) 1.3725; More….
Intraday bias in USD/CAD is mildly on the downside as the pull back from 1.3784 extends. While deeper pull back cannot be ruled out, outlook will stay bullish as long as 1.3378 support holds. On the upside, above 1.3675 minor resistance will turn bias back to the upside for retesting 1.3784 next.
In the bigger picture, current development revives the case that corrective pattern from 1.3976 (2022 high) has completed with three waves down to 1.3091. Decisive break of 1.3976 high will confirm resumption of up trend from 1.2005 (2021 low). Next target will be 61.8% projection of 1.2401 to 1.3976 from 1.3091 at 1.4064. This will now remain the favored case as long as 1.3378 support holds.
