Daily Pivots: (S1) 1.3453; (P) 1.3559; (R1) 1.3614; More…
Intraday bias in USD/CAD remains on the downside at this point. Correction from 1.3832 could extend lower. But downside should be contained above 1.3222 resistance turned support to bring rebound. On the upside, break of 1.3832 will resume larger up trend to 161.8% projection of 1.2005 to 1.2947 from 1.2401 at 1.3925.
In the bigger picture, up trend from 1.2005 (2021 low) is still in progress. Based on current impulsive momentum, it could be resuming long term up trend from 0.9056 (2007 low). Whether it is or it isn’t, retest of 1.4689 (2016 high) should be seen next. This will now remain the favored case as long as 1.3222 resistance turned support holds.
