Daily Pivots: (S1) 1.3738; (P) 1.3763; (R1) 1.3797; More…
USD/CAD’s break of 1.3773 resistance and 55 D EMA suggests that price actions from 1.3538 are already correcting the whole fall from 1.4791. Intraday bias is back on the upside with further rally, possibly towards 1.4014 cluster resistance (38.2% retracement of 1.4791 to 1.3538 at 14017). But strong resistance should be seen there to limit upside. On the downside, below 1.3687 minor support will turn intraday bias neutral first.
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.
. But strong resistance should be seen there to limit upside. On the downside, below 1.3687 minor support will turn intraday bias neutral first.){kind=link}