Daily Pivots: (S1) 1.3695; (P) 1.3735; (R1) 1.3782; More…
Outlook in USD/CAD is unchanged and intraday bias stays on the upside for the moment. Sustained trading above 61.8% retracement of 1.3946 to 1.3418 at 1.3559 will extend the rise from 1.3418 to 1.3946 high again. On the downside, below 1.3702 minor support will turn intraday bias neutral first.
In the bigger picture, sideway consolidation pattern from 1.3976 (2022 high) might still extend further. While another decline cannot be ruled out, 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.
