Daily Pivots: (S1) 1.3133; (P) 1.3159; (R1) 1.3182; More….
USD/CAD’s continues today and intraday bias stays on the downside for 100% projection of 1.3860 to 1.3299 from 1.3653 at 1.3092. Decisive break there will target 161.8% projection at 1.2745. On the upside, however, break of 1.3224 resistance should now indicate short term bottoming, and turn bias back to the upside for rebound.
In the bigger picture, price actions from 1.3976 are still viewed as a correction to up trend from 1.2005 (2021 low), but chance of trend reversal is increasing with current decline. In either case, risk will stay on the downside as long as 1.3299 support turned resistance holds, even in case of strong rebound. Next target is 61.8% retracement of 1.2005 to 1.3976 at 1.2758.
