Daily Pivots: (S1) 1.3435; (P) 1.3494; (R1) 1.3523; More…
Intraday bias in USD/CAD is turned neutral with current retreat. Some consolidations would be seen, but further rally is expected as long as 1.3357 support holds. On the upside, break of 1.35858 will resume whole rally from 1.3176 towards 1.3897 resistance.
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.
