Daily Pivots: (S1) 1.3493; (P) 1.3538; (R1) 1.3588; More…
Intraday bias in USD/CAD stays on the downside for retesting 1.3439 low. Firm break there will resume the decline from 1.3946, and target 61.8% projection of 1.3946 to 1.3439 from 1.3646 at 1.3333. On the upside, above 1.3540 minor resistance will turn intraday bias neutral first. But risk will stay on the downside as long as 1.3646 resistance holds, in case of recovery.
In the bigger picture, 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.
