Daily Pivots: (S1) 1.3502; (P) 1.3564; (R1) 1.3635; More….
Intraday bias in USD/CAD remains on the upside for the moment. Sustained break of 1.3598 will confirm resumption of medium term rise from 1.2460. In that case, USD/CAD should target next medium term fibonacci level at 1.3838. On the downside, below 1.3524 minor support will turn bias neutral and bring retreat. But downside should be contained well above 1.3222 support and bring another rise.
In the bigger picture, price actions from 1.4689 medium term top are seen as a correction pattern. The first leg has completed at 1.2460. The second leg from 1.2460 is likely still in progress and could target 61.8% retracement of 1.4689 to 1.2460 at 1.3838. We’d look for reversal signal there to start the third leg. However, break of 1.2968 will argue that the third leg has already started and should at least bring a retest of 1.2460 low. Meanwhile, sustained trading above 1.3838 would pave the way to retest 1.4689 high.