Daily Pivots: (S1) 1.3906; (P) 1.3961; (R1) 1.3991; More…
Intraday bias in USD/CAD is turned neutral first with current retreat. On the upside, break of 55 D EMA (now at 1.4038) will resume the rebound from 1.3749 to 1.4150 cluster resistance (38.2% retracement of 1.4791 to 1.3749 at 1.4147). However, break of 1.3898 minor support will indicate that the rebound from 1.3749 has completed, and bring retest of this low.
In the bigger picture, price actions from 1.4791 medium term top could either be a correction to rise from 1.2005 (2021 low), or trend reversal. In either case, further decline is expected as long as 1.4150 resistance turned support holds. 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.
 will resume the rebound from 1.3749 to 1.4150 cluster resistance (38.2% retracement of 1.4791 to 1.3749 at 1.4147). However, break of 1.3898 minor support will indicate that the rebound from 1.3749 has completed, and bring retest of this low.){kind=link}