Daily Pivots: (S1) 1.3361; (P) 1.3450; (R1) 1.3495; More….
USD/CAD’s decline continues today and reaches as low as 1.3394 so far today. Intraday bias remains on the downside as the fall from 1.3793 is targeting 1.3222 support next. As noted before, corrective rally from 1.2460 could have finished ahead of 1.3838 fibonacci level. Break of 1.3222 will affirm this case and target 1.2968 key support level for confirmation. On the upside, above 1.3455 minor resistance will turn bias neutral and bring another recovery first.
In the bigger picture, price actions from 1.4689 medium term top are seen as a correction pattern. The first leg has completed at 1.2460. Rise from 1.2460 is seen as the second leg and would end at around 61.8% retracement of 1.4689 to 1.2460 at 1.3838. Break of 1.3222 should indicate the start of the third leg while further break of 1.2968 should confirm. Nonetheless, sustained trading above 1.3838 would pave the way to retest 1.4689 high.
