Daily Pivots: (S1) 1.4230; (P) 1.4303; (R1) 1.4368; More…
Intraday bias in USD/CAD remains mildly on the downside for the moment. Fall from 1.4541 is seen as the third leg of the corrective pattern from 1.4791. Deeper decline would be seen to 1.4150 low next. On the upside, though, above 1.4541 will resume the rebound from 1.4150 to retest 1.4791 high.
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.
