Daily Pivots: (S1) 1.4160; (P) 1.4178; (R1) 1.4199; More…
Intraday bias in USD/CAD is turned neutral first with current retreat, and some consolidations would be seen. But outlook will remain bullish as long as 1.4009 support holds. Break of 1.4194 will resume larger up trend to 1.4391 projection level. However, considering bearish divergence condition in 4H MACD, firm break of 1.4009 will indicate short term topping, and turn bias back to the downside for correction to 55 D EMA (now at 1.3916).
In the bigger picture, up trend from 1.2005 (2021) is in progress. Next target is 61.8% projection of 1.2401 to 1.3976 from 1.3418 at 1.4391. Now, medium term outlook will remain bullish as long as 1.3418 support holds, even in case of deep pullback.
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