Daily Pivots: (S1) 1.3391; (P) 1.3419; (R1) 1.3457; More…
USD/CAD’s rebound from 1.3176 resumed and hits as high as 1.3478 so far. Intraday bias is back on the upside. Next target is 1.3617 cluster resistance (61.8% retracement of 1.3897 to 1.3176 at 1.3622). On the downside, break of 1.3339 minor support is needed to indicate completion of the rebound. Otherwise, further rally will remain in favor in case of retreat.
In the bigger picture, price actions from 1.3976 (2022 high) are viewed as a corrective pattern only. While fall from 1.3897 could still extend through 1.3091, strong support should emerge above 1.2947 resistance turned support to bring rebound. Overall, larger up trend from 1.2005 (2021 low) is still expected to resume at a later stage.
. On the downside, break of 1.3339 minor support is needed to indicate completion of the rebound. Otherwise, further rally will remain in favor in case of retreat.){kind=link}