Daily Pivots: (S1) 1.3246; (P) 1.3359; (R1) 1.3419; More…
USD/CAD’s choppy decline from 1.3704 resumed after brief recovery to 1.3470 and intraday bias is back on the downside. Further fall would be seen but strong support is still expected from 1.3224 key support level to bring rebound. On the upside, above 1.3470 minor resistance will turn intraday bias back to the upside for 1.3519 resistance. However, decisive break of 1.3224 would carry larger bearish implication.
In the bigger picture, as long as 1.3222 cluster support (38.2% retracement of 1.2005 to 1.3976 at 1.3223) holds, larger up trend from 1.2005 (2021 low) is still expected to resume through 1.3976 high at a later stage. However, firm break of 1.3222/3 will indicate that the trend might have reversed. Deeper fall would be seen to next cluster support at 1.2726 (61.8% retracement at 1.2758).
