Daily Pivots: (S1) 1.3815; (P) 1.3832; (R1) 1.3853; More…
USD/CAD’s break of 1.3889 resistance should confirm that consolidations from 13.923 has completed at 1.3725. Corrective rebound form 1.3538 should be resuming. Intraday bias is back on the upside for 1.3923 first. Firm break there will target 1.4014 key cluster resistance. On the downside, however, below 1.3841 minor support will turn intraday bias neutral again.
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 (2025 high) at 1.3069.
