Daily Pivots: (S1) 1.3619; (P) 1.3689; (R1) 1.3750; More…
Intraday bias in USD/CAD is back on the downside with break of 1.3616 temporary low. Retest of 1.3538 low should be seen first. Firm break there will resume larger decline from 1.4791. For now, risk will stay on the downside as long as 1.3797 resistance holds, in case of recovery.
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.
