Daily Pivots: (S1) 1.3768; (P) 1.3795; (R1) 1.3844; More…
USD/CAD breached 1.3809 resistance but failed to sustain above there. Intraday bias stays neutral first. Firm break of 13809 will bring retest of 1.3878. Further break there will extend the corrective rebound from 1.3538 with another rising leg. On the downside, break of 1.3720 will reaffirm the case that corrective pattern from 1.3538 has completed at 1.3878. Further decline should then be seen back to retest 1.3538 low.
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.
