Daily Pivots: (S1) 1.3832; (P) 1.3865; (R1) 1.3890; More…
USD/CAD retreated quickly after edging higher to 1.3897 and intraday bias is turned neutral again. Downside of retreat should be contained by 1.3739 support to bring another rally. On the upside, above 1.3897 will target 1.3976 resistance. Decisive break there will resume larger up trend to 1.4064 projection level.
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.
