Daily Pivots: (S1) 1.3787; (P) 1.3801; (R1) 1.3816; More…
USD/CAD is extending the consolidation pattern from 1.3837 and intraday bias stays neutral. Another retreat cannot be ruled out, but downside should be contained above 1.3646 resistance turned support. On the upside, break of 1.3837 will resume the rally from 1.3418 and target 1.3946/76 key resistance zone.
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.
