Daily Pivots: (S1) 1.3553; (P) 1.3589; (R1) 1.3620; More…
Intraday bias in USD/CAD stays mildly on the downside for retesting 1.3538 low. Firm break there will resume larger decline from 1.4791. On the upside, break of 1.3666 minor resistance will delay the bearish case, and extend the corrective pattern from 1.3538 will another rise back to 1.3797 resistance.
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.
