Daily Pivots: (S1) 1.3209; (P) 1.3253; (R1) 1.3274; More….
USD/CAD’s strong break of 1.3202 support confirms completion of rebound from 1.3115 at 1.3385. Rejection by 55 D EMA also maintains near term bearishness. Intraday bias is back on the downside for retesting 1.3115 first. Break there will resume larger down trend to 61.8% projection of 1.3653 to 1.3115 from 1.3386 at 1.3054, and then 100% projection at 1.2848. For now, outlook will remain bearish as long as 1.3386 resistance holds, in case of recovery.
In the bigger picture, price actions from 1.3976 are viewed as a correction to up trend from 1.2005 (2021 low) only. Hence, the up trend is in favor to resume through 1.3976 at a later stage. Nevertheless, another fall below 1.3115 will extending the decline from 1.3976 to 61.8% retracement of 1.2005 to 1.3976 at 1.2758, and raise the chance of bearish trend reversal.
