Daily Pivots: (S1) 1.3775; (P) 1.3818; (R1) 1.3852; More…
Intraday bias in USD/CAD stays neutral at this point. Consolidation from 1.3685 could extend further. But upside should be limited well below 1.4014 resistance to bring another fall. Break of 1.3685 will resume whole decline from 1.4791.
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 1.4014 resistance 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.
