Daily Pivots: (S1) 1.3417; (P) 1.3450; (R1) 1.3486; More…
Intraday bias in USD/CAD remains neutral for consolidations below 1.3540. Further rally is in favor as long as 1.3414 support holds. Fall from 1.3897 should have completed at 1.3716. Break of 1.3540 will target 1.3617 cluster resistance (61.8% retracement of 1.3897 to 1.3176 at 1.3622). Decisive break there will pave the way to 1.3897/3976 key resistance zone. However, firm break of 1.3414 will dampen this view and turn bias back to the downside.
In the bigger picture, price actions from 1.3976 (2022 high) are viewed as a corrective pattern only. In case of another fall, strong support should emerge above 1.2947 resistance turned support to bring rebound. Overall, larger up trend from 1.2005 (2021 low) is still expected to resume through 1.3976 at a later stage.
. Decisive break there will pave the way to 1.3897/3976 key resistance zone. However, firm break of 1.3414 will dampen this view and turn bias back to the downside.){kind=link}