Daily Pivots: (S1) 1.3463; (P) 1.3502; (R1) 1.3536; More….
USD/CAD is losing some downside momentum as seen in 4 hour MACD. But there is no sign of recovery yet. Intraday bias stays on the downside. Fall from 1.4667 should extend to 100% projection of 1.4667 to 1.3855 from 1.4048 at 1.3236 next. Though, break of 1.3572 minor resistance will turn intraday bias neutral and bring recovery first.
In the bigger picture, current development suggests that whole rise from 1.2061 (2017 low) has completed at 1.4667, after failing (2016 high). Fall from 1.4667 could be the third leg of the corrective pattern from 1.4689. Deeper fall is expected to 61.8% retracement at 1.3056 and possibly below. This will now remain the favored case as long as 1.3855 support turned resistance holds.
