Daily Pivots: (S1) 1.3463; (P) 1.3521; (R1) 1.3555; More…
Intraday bias in USD/CAD is turned neutral first with current recovery, and some consolidations could be seen above 1.3479 temporary low. Still, further decline is expected as long as 1.3625 resistance holds. Below 1.3479 will resume the fall from 1.3897 to 1.3378 support next, which is close to 61.8% retracement of 1.3091 to 1.3897 at 1.3399. Strong support could be seen there to bring rebound.
In the bigger picture, rise from 1.3091 is seen as the fifth leg of the whole rise from 1.2005 (2021 low). Further rally is expected as long as 1.3378 support holds, to 61.8% projection of 1.2401 to 1.3976 from 1.3091 at 1.4064. However, decisive break of 1.3378 will dampen this view and bring deeper fall back to 1.3091 instead.
