Daily Pivots: (S1) 1.3829; (P) 1.3860; (R1) 1.3907; More…
USD/CAD’s rally resumed after brief retreat and intraday bias is back on the upside. Current rally should target retest on 1.3976. Decisive break there will resume larger up trend to 1.4064 projection level. On the downside, below 1.3812 minor support will turn intraday bias neutral again.
In the bigger picture, corrective pattern from 1.3976 (2022 high) should have 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 1.3568 support holds.
