Daily Pivots: (S1) 1.3736; (P) 1.3791; (R1) 1.3830; More…
No change in USD/CAD’s outlook and further decline remains mildly in favor with 1.3903 resistance intact, for 1.3727 fibonacci level next. However, considering bullish convergence condition in 4H MACD, firm break of 1.3903 resistance should indicate short term bottoming, and turn bias back to the upside for stronger rebound to 55 D EMA (now at 1.4056).
In the bigger picture, price actions from 1.4791 medium term top could either be a correction to rise from 1.2005 (2021 low), or trend reversal. In either case, further decline is expected as long as 1.4150 resistance turned support holds. Firm break of 38.2% retracement of 1.2005 (2021 low) to 1.4791 at 1.3727 will pave the way back to 61.8% retracement at 1.3069.
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