Daily Pivots: (S1) 1.3636; (P) 1.3666; (R1) 1.3692; More…
Intraday bias in USD/CAD is turned neutral with current retreat. Consolidative pattern from 1.3538 is in its third leg. Break of 1.3708 will target 1.3797 and possibly above. Nevertheless, 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.
