Daily Pivots: (S1) 1.3465; (P) 1.3542; (R1) 1.3586; More…
USD/CAD’s fall from 1.3946 continues today and intraday bias stays on the downside for 1.3477 support. Firm break there will target 1.3091/3176 support zone. On the upside, above 1.3570 support turned resistance will turn intraday bias neutral and bring consolidations first, before staging another decline.
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.
