Daily Pivots: (S1) 1.3389; (P) 1.3473; (R1) 1.3515; More…
USD/CAD’s break of 1.3439 support confirms resumption of whole fall from 1.3946. Intraday bias remains on the downside for 61.8% projection of 1.3946 to 1.3439 from 1.3646 at 1.3333. On the upside, above 1.3486 minor resistance will turn intraday bias neutral for consolidations. But outlook will remain bearish 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.
