Daily Pivots: (S1) 1.3543; (P) 1.3619; (R1) 1.3658; More…
USD/CAD’s fall from 1.3965 resumed after brief recovery and intraday bias is back on the downside. Next target is a retest on 1.3480 low. For now, risk will remain on the downside as long as 1.3709 resistance holds, in case of recovery.
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.
