Daily Pivots: (S1) 1.3508; (P) 1.3534; (R1) 1.3581; More…
Intraday bias in USD/CAD is back on the upside as rebound from 1.3418 resumed by breaking through 1.3538. Further rally would be seen to 1.3646 resistance. Decisive break there will indicate that whole fall from 1.3946 has completed, and turn near term outlook bullish. However, break of 1.3471 will turn bias back to the downside, to resume the fall from 1.3946 through 1.3418.
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.
