Daily Pivots: (S1) 1.3465; (P) 1.3542; (R1) 1.3586; More…
Intraday bias in USD/CAD remains on the downside for the moment. Fall from 1.3946 is in progress for 1.3477 support. Firm break there will target 1.3091/3176 support zone. On the upside, above 1.3617 resistance will turn intraday bias neutral first.
In the bigger picture, current development suggests that corrective pattern from 1.3976 (2022 high) is extending with another falling leg. While deeper decline could be seen, strong support should emerge above 1.2947 resistance turned support to bring rebound. Rise from 1.2005 (2021 low) is still in favor to resume at a later stage.
