Daily Pivots: (S1) 1.3681; (P) 1.3747; (R1) 1.3835; More….
Intraday bias in USD/CAD remains neutral first and consolidation from 1.3860 could extend. But further rally is expected as long as 1.3650 support holds. On the upside, break of 1.3860 will resume the rally from 1.3261 to retest 1.3976 high. However, firm break of 1.3650 will turn bias to the downside for 55 day EMA (now at 1.3552).
In the bigger picture, the up trend from 1.2005 (2021 low) is still in progress. Break of 1.3976 will confirm resumption and target 61.8% projection of 1.2401 to 1.3976 from 1.3261 at 1.4234. Firm break there will pave the way to long term resistance zone at 1.4667/89 (2016, 2020 highs). On the downside, break of 1.3261 support is needed to confirm medium term topping. Otherwise, outlook will remain bullish even in case of deep pull back.