Daily Pivots: (S1) 1.4011; (P) 1.4142; (R1) 1.4210; More…
USD/CAD fell notably after rejection by 55 4H EMA (now at 1.4217) but stays above 1.4026 low. Intraday bias remains neutral first. On the upside, above 1.4295 will bring stronger rebound to 1.4414. Firm break there will suggest that the decline from 1.4791 has completed as a three wave correction. However, on the downside, below 1.4026 will resume the fall from 1.4791 to 1.3946/76 key support zone. Sustained break there will carry larger bearish implications.
In the bigger picture, focus is now on 1.3976 resistance turned support (2022 high), which is close to 55 W EMA (now at 1.4001). Strong rebound from there will retain medium term bullishness. That is, up trend from 1.2005 is still in progress for breaking through 1.4791 at a later stage. However, sustained break there should confirm medium term topping at 1.4791. Deeper correction would be seen to 38.2% retracement of 1.2005 (2021 low) to 1.4791 at 1.3727.
 but stays above 1.4026 low. Intraday bias remains neutral first. On the upside, above 1.4295 will bring stronger rebound to 1.4414. Firm break there will suggest that the decline from 1.4791 has completed as a three wave correction. However, on the downside, below 1.4026 will resume the fall from 1.4791 to 1.3946/76 key support zone. Sustained break there will carry larger bearish implications.){kind=link}