Daily Pivots: (S1) 1.3562; (P) 1.3628; (R1) 1.3665; More….
USD/CAD’s break of 1.3629 support indicates that deeper pull back in underway. Intraday bias is back and break of 55 day EMA (now at 1.3586) will target 61.8% retracement of 1.3261 to 1.3860 at 1.3490. On the upside, above 1.3694 minor resistance will turn intraday bias neutral first. Overall, the corrective pattern from 1.3976 could be extending with another falling leg from 1.3860.
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.
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