Daily Pivots: (S1) 1.3792; (P) 1.3819; (R1) 1.3845; More…
Further rise is mildly in favor in USD/CAD For retesting 1.3923. Firm break there will resume whole corrective rise from 1.3538. On the downside, however, sustained break of 1.3720 support will indicate that the rise from 1.3538 has completed, and turn bias back to the downside for 1.3538/74 support zone.
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 cluster resistance (38.2% retracement of 1.4791 to 1.3538 at 1.4017) holds. Next target is 61.8% retracement of 1.2005 (2021 low) to 1.4791 at 1.3069.
