Daily Pivots: (S1) 1.4406; (P) 1.4446; (R1) 1.4520; More…
USD/CAD’s steep decline today and break of 1.4301 support indicates short term topping at 1.4484, on bearish divergence condition in 4H MACD. Intraday bias is back on the downside. Fall from 1.4484 is seen as a correction to rally from 1.3418, and should target 55 D EMA (now at 1.4193) or even further to 38.2% retracement of 1.3418 to 1.4484 at 1.4077. For now, near term risk will stay on the downside as long as 1.4484 holds, in case of recovery.
In the bigger picture, up trend from 1.2005 (2021) is in progress for retesting 1.4667/89 key resistance zone (2020/2015 highs). Decisive break there will confirm long term up trend resumption. Next target is 100% projection of 1.2401 to 1.3976 from 1.3418 at 1.4993. Medium term outlook will remain bullish as long as 1.3976 resistance turned holds (2022 high), even in case of deep pullback.
 or even further to 38.2% retracement of 1.3418 to 1.4484 at 1.4077. For now, near term risk will stay on the downside as long as 1.4484 holds, in case of recovery.){kind=link}