Daily Pivots: (S1) 1.3621; (P) 1.3654; (R1) 1.3674; More…
Intraday bias in USD/CAD is turned neutral with current retreat. On the upside, above 1.3701 will resume the rebound from 1.3480 short term bottom to 55 D EMA (now at 1.3793). On the downside, below 1.3570 minor support will bring retest of 1.3480 low. Firm break there will resume larger fall to 61.8% projection of 1.4791 to 1.3538 from 1.4139 at 1.3365.
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 at best, until there are signs that the correction has completed, or that a bearish trend reversal is confirmed.
. On the downside, below 1.3570 minor support will bring retest of 1.3480 low. Firm break there will resume larger fall to 61.8% projection of 1.4791 to 1.3538 from 1.4139 at 1.3365.){kind=link}