Daily Pivots: (S1) 1.3619; (P) 1.3689; (R1) 1.3750; More…
USD/CAD dips mildly today but stays in range of 1.3616/3797. Intraday bias remains neutral at this point. On the upside, break of 1.3797 will resume the rebound from 1.3538 short term bottom to 1.4014 cluster resistance (38.2% retracement of 1.4791 to 1.3538 at 1.4017). Nevertheless, below 1.3616 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.
. Nevertheless, below 1.3616 will bring retest of 1.3538 low.){kind=link}