Daily Pivots: (S1) 1.3593; (P) 1.3644; (R1) 1.3730; More…
Intraday bias in USD/CAD is turned neutral first with current recovery and some consolidations would be seen above 1.3538 temporary low. Further decline is expected as long as 1.3749 support turned resistance holds. Below 1.3538 will extend larger fall from 1.4791 to 100% projection of 1.4414 to 1.3749 from 1.4014 at 1.3349. However, considering bullish convergence condition in 4H MACD, firm break of 1.3749 will indicate short term bottoming, and bring stronger rebound back to 1.4014 resistance.
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.
