Daily Pivots: (S1) 1.3867; (P) 1.3882; (R1) 1.3899; More…
USD/CAD is extending consolidations below 1.3917 temporary top and intraday bias remains neutral. In case of another dip, downside should be contained by 1.3789 support to bring rebound. Rise from 1.3641 is seen as the third leg of the corrective pattern from 1.3538. Above 1.3917 will target 1.4139 first. Break there will target 100% projection of 1.3538 to 1.4139 from 1.3641 at 1.4242.
In the bigger picture, price actions from 1.4791 are seen as a corrective pattern to the whole up trend from 1.2005 (2021 low). Deeper fall could be seen as the pattern extends, and break of 1.3538 will target 61.8% retracement of 1.2005 to 1.4791 at 1.3069. For now, medium term outlook will be neutral until there are signs that the correction has completed.
