Daily Pivots: (S1) 1.3651; (P) 1.3671; (R1) 1.3691; More…
USD/CAD’s decline resumed by breaking through 1.3633 support and intraday bias is back on the downside. Decisive break of 61.8% projection of 1.4414 to 1.3749 from 1.4014 at 1.3603 will pave the way to 100% projection at 1.3349. ON the upside, through, break of 1.3727 resistance will turn bias back to the upside for stronger rebound.
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.
