Daily Pivots: (S1) 1.3636; (P) 1.3666; (R1) 1.3692; More…
USD/CAD retreated after a brief spike to 1.3729 and intraday bias is turned neutral again. Overall, consolidation pattern from 1.3538 could still extend. Above 1.3729 will target 1.3797 resistance and possibly above. On the downside, however, break of 1.3637 minor support will bring retest of 1.3538/55 support zone instead.
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.
