Daily Pivots: (S1) 1.3538; (P) 1.3573; (R1) 1.3605; More…
Intraday bias in USD/CAD remains on the downside as fall from 1.4791 is in progress. Next target is 100% projection of 1.4414 to 1.3749 from 1.4014 at 1.3349. On the upside, break of 1.3650 minor resistance will turn intraday bias neutral and bring consolidations first.
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. Next target is 61.8% retracement of 1.2005 (2021 low) to 1.4791 at 1.3069.
