Daily Pivots: (S1) 1.3577; (P) 1.3591; (R1) 1.3606; More….
USD/CAD is still bounded in range of 1.3488/3638 and intraday bias remains neutral. On the upside, decisive break of 1.3653 resistance should confirm that correction from 1.3976 has completed, and target a test on this high. Meanwhile, below 1.3488 will bring another fall to 55 D EMA (now at 1.3428).
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 1.3415) holds.
