Daily Pivots: (S1) 1.3708; (P) 1.3753; (R1) 1.3782; More…
USD/CAD retreated after hitting 1.3797 and intraday bias is turned neutral first. On the upside, above 1.3797 will resume the rebound from 1.3538 short term bottom, as a correction to fall from 1.4791. 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 1.3633 will bring retest of 1.3538 low.
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.
, at least on first attempt. On the downside, below 1.3633 will bring retest of 1.3538 low.){kind=link}