Daily Pivots: (S1) 1.3978; (P) 1.4148; (R1) 1.4269; More…
USD/CAD rebounded ahead of 61.8% projection of 1.4791 to 1.4150 from 1.4414 at 1.4018, and intraday bias is turned neutral. For now, risk will remain on the downside as long as 1.4414 resistance holds. Break of 1.4026 will target 1.3946 key support next. Nevertheless, break of 1.4414 will indicate that fall from 1.4791 has completed as a correction only.
In the bigger picture, focus is now on 1.3976 resistance turned support (2022 high), which is close to 55 W EMA (now at 1.3986). Sustained break there should confirm medium term topping at 1.4791. Deeper correction would be seen to 38.2% retracement of 1.2005 (2021 low) to 1.4791 at 1.3727.
