Daily Pivots: (S1) 1.3533; (P) 1.3569; (R1) 1.3615; More…
Intraday bias in USD/CAD remains on the upside at this point. Current rise from 1.3176 should target 100% projection of 1.3176 to 1.3540 from 1.3357 at 1.3721 next. On the downside, below 1.3538 minor support will turn intraday bias neutral first. But near term outlook will stay bullish as long as 1.3439 support holds, in case of retreat.
In the bigger picture, price actions from 1.3976 (2022 high) are viewed as a corrective pattern only. In case of another fall, 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 through 1.3976 at a later stage.
