Daily Pivots: (S1) 1.3596; (P) 1.3663; (R1) 1.3709; More…
USD/CAD’s break of 1.3633 minor support suggests that corrective recovery from 1.3538 has completed at 1.3797. Intraday bias is back on the downside. Firm break of 1.3538 will resume larger fall from 1.4791. On the upside, break of 1.3797 will extend the corrective bounce towards 1.4014 cluster resistance (38.2% retracement of 1.4791 to 1.3538 at 1.4017).
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.
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