Daily Pivots: (S1) 1.3673; (P) 1.3771; (R1) 1.3832; More…
Intraday bias in USD/CAD Is turned neutral first with current recovery, and some consolidations would be seen above 1.3685 temporary low. Upside should be limited well below 1.4014 resistance to bring another fall. Below 1.3685 will resume the decline from 1.4791 and target 61.8% projection of 1.4414 to 1.3749 from 1.4014 at 1.3603.
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 1.4014 resistance holds. Next target is 61.8% retracement of 1.2005 (2021 low) to 1.4791 at 1.3069.
