Daily Pivots: (S1) 1.4264; (P) 1.4339; (R1) 1.4380; More…
USD/CAD’s fall from 1.4791 resumed by breaking through 1.4150 support and accelerated to as low as 1.4039 so far. Intraday bias remains on the downside for 61.8% projection of 1.4791 to 1.4150 from 1.4414 at 1.4018. Decisive break there would pave the way to 100% projection at 1.3773 next. On the upside, above 1.4158 minor resistance will turn intraday bias neutral and bring consolidations first.
In the bigger picture, focus is now on 1.3976 resistance turned support (2022 high), which is close to 55 W EMA (now at 1.3986). Sustained break there should confirm medium term topping at 1.4791. Deeper correction would be seen to 38.2% retracement of 1.2005 (2021 low) to 1.4791 at 1.3727.
