Daily Pivots: (S1) 1.3786; (P) 1.3801; (R1) 1.3824; More…
Intraday bias in USD/CAD remains on the upside for retesting 1.3845 high. Decisive break there will resume whole rally from 1.3176. Next target is 61.8% projection of 1.3176 to 1.3845 from 1.3588 at 1.4025. On the downside, below 1.3777 minor support will turn intraday bias neutral and bring consolidations first, before staging another rally.
In the bigger picture, price actions from 1.3976 (2022 high) are viewed as a corrective pattern, that might have completed at 1.3176 (2023 low) already. Firm break of 1.3976 will confirm 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. This will be the favored case as long as 1.3588 support holds, in case of pullback.
