Daily Pivots: (S1) 1.3489; (P) 1.3523; (R1) 1.3543; More….
USD/CAD’s break of 1.3509 support indicates short term topping at 1.3638, on bearish divergence condition in 4H MACD. Intraday bias is back on the downside for pull back to 55 D EMA (now at 1.3411). On the upside, firm break of 1.3653 resistance should confirm that correction from 1.3976 has completed, and target a test on this high.
In the bigger picture, price actions from 1.3976 are viewed as a corrective pattern only. Upon completion, rise from 1.2005 (2021 low) would resume through 1.3976. Next target is 61.8% projection of 1.2005 to 1.3976 from 1.3091 at 1.4309. For now, this will remain the favored case as long as 55 D EMA (now at 1.3409) holds.
