Daily Pivots: (S1) 1.3570; (P) 1.3593; (R1) 1.3633; More…
USD/CAD’s recovery is still limited by 1.3617 resistance and intraday bias remains neutral. Further decline will remain in favor as long as 1.3617 resistance holds. On the downside, below 1.3545 minor support will bring retest of 1.3439 low first. However, firm break of 1.3617 will turn bias back to the upside for stronger rebound instead.
In the bigger picture, current development suggests that corrective pattern from 1.3976 (2022 high) is extending with another falling leg. While deeper decline could be seen, strong support should emerge above 1.2947 resistance turned support to bring rebound. Rise from 1.2005 (2021 low) is still in favor to resume at a later stage.
