Daily Pivots: (S1) 1.3474; (P) 1.3530; (R1) 1.3620; More…
Intraday bias in USD/CAD is back on the upside as rise from 1.3176 resumed by breaking through 1.3543 resistance. Firm break of 61.8% projection of 1.3176 to 1.3540 from 1.3357 at 1.3582 will pave the way to 100% projection at 1.3721. On the downside, break of 1.3438 support is needed to indicate short term topping. Otherwise, outlook will stay bullish in case of retreat.
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.
