Daily Pivots: (S1) 1.3229; (P) 1.3252; (R1) 1.3273; More….
Range trading continues in USD/CAD and intraday bias stays neutral for the moment. Outlook is unchanged that a short term bottom was formed at 1.3115, and further rise is mildly in favor. Break of 1.3284 will resume the rebound from 1.3115 to 55 D EMA (now at 1.3374).
In the bigger picture, price actions from 1.3976 are still viewed as a correction to up trend from 1.2005 (2021 low). Risk will stay on the downside as long as 1.3299 support turned resistance holds. Next target is 61.8% retracement of 1.2005 to 1.3976 at 1.2758. However, sustained trading above 1.3229 will raise the chance that the correction has completed and turn focus back to 1.3653 resistance.
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