Daily Pivots: (S1) 1.4263; (P) 1.4303; (R1) 1.4350; More…
Intraday bias USD/CAD remains neutral for the moment. On the downside, sustained break of 1.4260 cluster support (38.2% retracement of 1.3418 to 1.4791 at 1.4267) will indicate that larger scale correction is underway. Intraday bias will be back on the downside for 61.8% retracement at 1.3942. Nevertheless, strong rebound from current level will revive near term bullishness. Break of 1.4378 minor resistance will turn bias to the upside for retesting 1.4791.
In the bigger picture, long term up trend is tentatively seen as resuming with breach of 1.4667/89 key resistance zone (2020/2015 highs). Next target is 100% projection of 1.2401 to 1.3976 from 1.3418 at 1.4993. This will remain the favored case as long as 1.3976 resistance turned holds (2022 high), even in case of deep pullback.
 will indicate that larger scale correction is underway. Intraday bias will be back on the downside for 61.8% retracement at 1.3942. Nevertheless, strong rebound from current level will revive near term bullishness. Break of 1.4378 minor resistance will turn bias to the upside for retesting 1.4791.){kind=link}