Daily Pivots: (S1) 1.3725; (P) 1.3737; (R1) 1.3754; More…
USD/CAD’s fall from 1.3946 resumed after brief consolidations and intraday bias is back on the downside sustained trading below 55 D EMA (now at 1.3726) will dampen the original bullish view and bring deeper decline back towards 1.3588 support. On the upside, above 1.3764 minor resistance will turn intraday bias neutral first.
In the bigger picture, price actions from 1.3976 (2022 high) are viewed as a corrective pattern, that might have completed at 1.3176 (2023 low) already. Firm break of 1.3976 will confirm resumption of whole up trend from 1.2005 (2021 low). Next target is 61.8% projection of 1.2401 to 1.3976 from 1.3176 at 1.4149. This will be the favored case as long as 1.3588 support holds, in case of pullback.
 will dampen the original bullish view and bring deeper decline back towards 1.3588 support. On the upside, above 1.3764 minor resistance will turn intraday bias neutral first.){kind=link}