Daily Pivots: (S1) 1.3575; (P) 1.3596; (R1) 1.3625; More…
Intraday bias in USD/CAD remains neutral at this point. On the downside, decisive break of 1.3538 will resume whole fall from 1.4791. Nevertheless, break of 1.3666 will turn bias to the upside, and extend the corrective pattern from 1.3538 with another rising leg to 1.3797 first.
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.
