Daily Pivots: (S1) 1.3813; (P) 1.3838; (R1) 1.3886; More…
USD/CAD’s rally from 1.3641 continues today and intraday bias stays on the upside. Current strong momentum suggests that corrective pattern from 1.3538 is still extending, in its third leg. Sustained trading above 55 D EMA (now at 1.3859) will pave the way to 1.4139 resistance next. On the downside, below 1.3789 minor support will turn intraday bias neutral first.
In the bigger picture, 1.4791 is likely developing into a deeper, larger scale correction. In the less bearish case, it’s just correcting the rise from 1.2005 (2021 low). But even so, break of 1.3538 will pave the way to 61.8% retracement of 1.2005 to 1.4791 at 1.3069. This will remain the favored case as long as 1.4139 resistance holds, in case of rebound.
 will pave the way to 1.4139 resistance next. On the downside, below 1.3789 minor support will turn intraday bias neutral first.){kind=link}