Daily Pivots: (S1) 1.3766; (P) 1.3794; (R1) 1.3838; More…
USD/CAD’s rally from 1.3480 continues today and intraday bias stays on the upside. The rebound is seen as correcting the whole down trend from 1.4791 and should target 1.3927 resistance, or probably further to 38.2% retracement of 1.4791 to 1.3480 at 3981. On the downside, below 1.3771 minor support will turn intraday bias neutral first.
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, to 61.8% retracement of 1.2005 to 1.4791 at 1.3069. However, break of 1.3927 resistance will argue that the correction has completed with three waves down to 1.3480 already.
