Daily Pivots: (S1) 1.3667; (P) 1.3695; (R1) 1.3722; More…
USD/CAD’s breach of 1.3709 resistance indicates short term bottoming at 1.3549, on bullish convergence condition in 4H MACD. Rise from there is seen as the third leg of the corrective pattern from 1.3480. Intraday bias is mildly on the upside for further rise towards 1.3965 resistance. On the downside, though, break of 1.3646 minor support will bring retest of 1.3549 instead.
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.
