Daily Pivots: (S1) 1.4153; (P) 1.4178; (R1) 1.4204; More…
Intraday bias in USD/CAD stays on the downside for the moment. Fall from 1.4791 should target 1.3946 cluster support (61.8% retracement of 1.3418 to 1.4791 at 1.3942), as a correction to rise from 1.3418. For now, risk will stay on the downside as long as 1.4378 resistance holds, in case of recovery.
In the bigger picture, long term up trend is tentatively seen as resuming with prior 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.
, as a correction to rise from 1.3418. For now, risk will stay on the downside as long as 1.4378 resistance holds, in case of recovery.){kind=link}