Daily Pivots: (S1) 1.3699; (P) 1.3723; (R1) 1.3759; More…
USD/CAD’s breach of 1.3749 support turned resistance suggests short term bottoming in D MACD, on bullish convergence condition in 4H MACD. Rebound from 1.3538 is seen as forming a corrective pattern from to the five-wave decline from 1.4791. Intraday bias is now mildly on the upside for 55 D EMA (now at 1.3839) and above. But upside should be limited by 1.4014 cluster resistance (38.2% retracement of 1.4791 to 1.3538 at 1.4017), at least on first attempt. On the downside, below 1.3686 minor support will turn intraday bias neutral 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.
 and above. But upside should be limited by 1.4014 cluster resistance (38.2% retracement of 1.4791 to 1.3538 at 1.4017), at least on first attempt. On the downside, below 1.3686 minor support will turn intraday bias neutral first.){kind=link}