Daily Pivots: (S1) 1.3705; (P) 1.3744; (R1) 1.3805; More…
The break of 1.3759 minor resistance argues that pull back from 1.3897 has completed. Intraday bias in USD/CAD is back on the upside for retesting 1.3897 resistance next. In case of another fall, downside should be contained by 38.2% retracement of 1.3091 to 1.3897 at 1.3589 to bring rebound. However, sustained break of 1.3589 will bring deeper fall to 61.8% retracement at 1.3399 instead.
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). This will now remain the favored case as long as 1.3378 support holds. However, firm break of 1.3378 will argue that the pattern from 1.3976 is indeed still extending.
