Daily Pivots: (S1) 1.3575; (P) 1.3596; (R1) 1.3625; More…
USD/CAD’s breach of 1.3666 resistance suggests that fall from 1.3797 has completed at 1.3555. Corrective pattern from 1.3538 is in the third leg. Intraday bias is back on the upside for 1.3797 resistance and possibly above. On the downside, firm break of 1.3538/55 support zone will confirm resumption of whole decline from 1.4791.
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.
