Daily Pivots: (S1) 1.3894; (P) 1.3931; (R1) 1.3954; More…
USD/CAD’s break of 1.3898 support suggests that rebound from 1.3749 has completed as a correction at 1.4014. Intraday bias is back on the downside for retesting 1.3749. Firm break there will resume whole fall from 1.4791. For now, risk will remain on the downside as long as 1.4014 resistance holds, in case of recovery.
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.
