Daily Pivots: (S1) 1.3493; (P) 1.3538; (R1) 1.3588; More…
USD/CAD’s break of 1.3532 support suggests that corrective recovery from 1.3439 has completed at 1.3646 already, after rejection by falling 55 D EMA. Intraday bias is back on the downside for retesting 1.3439 low first. Firm break there will resume the decline from 1.3946, and target 61.8% projection of 1.3946 to 1.3439 from 1.3646 at 1.3333. For now, risk will stay on the downside as long as 1.3646 resistance holds, in case of recovery.
In the bigger picture, corrective pattern from 1.3976 (2022 high) is extending with another falling leg. While deeper decline could be seen, strong support should emerge above 1.2947 resistance turned support to bring rebound. Rise from 1.2005 (2021 low) is still in favor to resume at a later stage.
