Daily Pivots: (S1) 1.3516; (P) 1.3548; (R1) 1.3581; More….
USD/CAD is losing some upside momentum, but further rally is expected as long as 1.3440 support holds. Next target is 1.3684 resistance. Sustained break there will pave the way back to retest 1.3976 high. On the downside, however, break of 1.3440 support will turn bias back to the downside for 1.3261 support again.
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).
