Daily Pivots: (S1) 1.4330; (P) 1.4437; (R1) 1.4503; More…
Intraday bias in USD/CAD is turned neutral first with current retreat. Further rally will remain in favor as long as 55 4H EMA (now at 1.4367 holds). Above 1.4541 will target a retest on 1.4791 high. Nevertheless, sustained trading below 55 4H EMA will argue that the corrective pattern from 1.4791 is extending with the third leg. Deeper fall should then be seen back to retest 1.4150 support.
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 support holds (2022 high), even in case of deep pullback.
. Above 1.4541 will target a retest on 1.4791 high. Nevertheless, sustained trading below 55 4H EMA will argue that the corrective pattern from 1.4791 is extending with the third leg. Deeper fall should then be seen back to retest 1.4150 support.){kind=link}