Daily Pivots: (S1) 1.3760; (P) 1.3787; (R1) 1.3820; More…
Intraday bias in USD/CAD remains mildly on the upside at this point. Rebound from 1.3627 is in progress for retesting 1.3897 resistance. On the downside, below 1.3734 minor support will turn bias back to the downside, to extend the corrective pattern from 1.3897 with another leg. But in this case, strong support should be seen from 38.2% retracement of 1.3091 to 1.3897 at 1.3589 to bring rebound.
In the bigger picture, corrective pattern from 1.3976 (2022 high) should have completed with three waves down to 1.3091. Decisive break of 1.3976 high will confirm resumption of up trend from 1.2005 (2021 low). This will now remain the favored case as long as 1.3378 support holds. However, firm break of 1.3378 will argue that the pattern from 1.3976 is indeed still extending.
