Daily Pivots: (S1) 1.3196; (P) 1.3230; (R1) 1.3283; More…
Intraday bias in USD/CAD stays neutral at this point and some more consolidations could be seen. On the downside, break of 1.3176 will resume the fall from 1.3897 to 1.3091 support and possibly below. Nevertheless, considering bullish convergence condition in 4H MACD, break of 1.3284 will indicate short term bottoming, and turn bias back to the upside for stronger rebound.
In the bigger picture, outlook is mixed up by deeper then expected fall from 1.3897. But after all, price actions from 1.3976 (2022 high) are viewed as a corrective pattern that’s in progress. Larger up trend from 1.2005 (2021 low) is still expected to resume at a later stage as long as 1.2947 resistance turned support holds.
