Daily Pivots: (S1) 1.3798; (P) 1.3825; (R1) 1.3868; More…
Intraday bias in USD/CAD remains on the downside. Firm break of 100% projection of 1.4791 to 1.4150 from 1.4414 at 1.3773 will extend the decline from 1.4791 to 138.2% projection at 1.3528. On the upside, above 1.3868 minor resistance will turn intraday bias neutral again first.
In the bigger picture, the break of 1.3976 resistance turned support (2022 high) and 55 W EMA (now at 1.3982) indicates that a medium term top is already in place at 1.4791. Fall from there would either be a correction to rise from 1.2005, or trend reversal. In either case, firm break of 38.2% retracement of 1.2005 (2021 low) to 1.4791 at 1.3727 will pave the way back to 61.8% retracement at 1.3069.
