Daily Pivots: (S1) 1.3768; (P) 1.3786; (R1) 1.3816; More…
USD/CAD’s rally from 1.3418 is in progress and intraday bias remains on the upside, As noted before, corrective fall from 1.3946 should have completed at 1.3418 already. Further rally should be seen towards this resistance. On the downside, below 1.3724 minor support will turn intraday bias neutral first.
In the bigger picture, sideway consolidation pattern from 1.3976 (2022 high) might still extend further. While another decline cannot be ruled out, 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.
