Daily Pivots: (S1) 1.3759; (P) 1.3819; (R1) 1.3851; More…
USD/CAD’s fall from 1.3965 resumed by breaking through 1.3798 temporary low. Intraday bias is back on the downside. Sustained trading below 38.2% retracement of 1.3840 to 1.3965 at 1.3780 will argue that the rebound from 1.3840 has completed, and bring deeper decline to 61.8% retracement at 1.3665 and below. On the upside, above 1.3876 resistance will turn bias neutral again 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, decisive break of 38.2% retracement of 1.4791 to 1.3480 at 1.3981 will argue that the correction has completed with three waves down to 1.3480 already. Further break of 1.4139 will confirm and bring retest of 1.4791 high.
