Daily Pivots: (S1) 1.3395; (P) 1.3490; (R1) 1.3543; More….
Intraday bias in USD/CAD is back on the downside with break of 1.3483 minor support. Deeper fall would be seen but downside should be contained by 1.3299 support to bring rebound. Overall, price actions from 1.3976 are seen as a triangle consolidation pattern, and more sideway trading is expected. Nevertheless, sustained break of 1.3229 will dampen this view and turn near term outlook bearish.
In the bigger picture, rise from 1.2005 (2021 low) is expected to resume through 1.3976 after consolidation from there completes. On decisive break of 1.3976, next target will be 1.4667/89 long term resistance zone. This will remain the favored case as long as 38.2% retracement of 1.2005 to 1.3976 at 1.3233 holds.
