Daily Pivots: (S1) 1.3425; (P) 1.3462; (R1) 1.3480; More…
USD/CAD’s decline from 1.3946 is still in progress today and intraday bias remains on the downside. Deeper fall would be seen to 1.3176 support next. On the upside, above 1.3514 minor resistance will turn intraday bias neutral first. But outlook will now stay bearish as long as 1.3588 support turned resistance holds.
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.
