Daily Pivots: (S1) 1.3820; (P) 1.3845; (R1) 1.3893; More…
USD/CAD’s upside acceleration and breach of 1.3878 resistance suggests that rebound from 1.3538 is resuming. Intraday bias is now on the upside. Sustained trading above 1.3878 will target 1.4014 cluster resistance (38.2% retracement of 1.4791 to 1.3538 at 1.4017). Strong resistance should be seen there to complete the corrective bounce. On the downside, below 1.3830 minor support will turn intraday bias neutral again 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.
. Strong resistance should be seen there to complete the corrective bounce. On the downside, below 1.3830 minor support will turn intraday bias neutral again first.){kind=link}