Daily Pivots: (S1) 1.3774; (P) 1.3814; (R1) 1.3869; More…
Intraday bias in USD/CAD remains on the upside at this point. Pullback from 1.3923 could have completed at 1.3725 already, and corrective rebound from 1.3538 is possibly resuming. Further rise should be seen to retest 1.3923 first. For now, risk will stay on the upside as long as 1.3725 support holds, in case of retreat.
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.
