Daily Pivots: (S1) 1.3683; (P) 1.3746; (R1) 1.3808; More….
Immediate focus is now on 1.3494/3501 support in USD/CAD. Sustained break there will complete a head and shoulder top pattern (ls: 1.3832; h: 1.3976; rs: 1.3807). Outlook will be turned bearish for deeper fall to 1.3207 cluster support (61.8% retracement of 1.2726 to 1.3976 at 1.3204. On the upside, above 1.3807 minor resistance will bring retest of 1.3976 high.
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.
