Daily Pivots: (S1) 1.3700; (P) 1.3742; (R1) 1.3779; More…
Intraday bias in USD/CAD is turned neutral again with current retreat. On the upside above 1.3782 will target 1.3845 resistance first. Firm break there will resume larger rise from 1.3176 towards 1.3976 key resistance next. On the downside, break of 1.3631 will extend the fall from 1.3845. Sustained trading below 55 D EMA (now at 1.3615) will argue that whole rise from 1.3176 has completed already.
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. Firm break of 1.3976 will confirm up resumption of whole up trend from 1.2005 (2021 low). Next target is 61.8% projection of 1.2401 to 1.3976 from 1.3176 at 1.4149.
 will argue that whole rise from 1.3176 has completed already.){kind=link}