Daily Pivots: (S1) 1.3636; (P) 1.3666; (R1) 1.3692; More…
USD/CAD’s rebound from 1.3555 resumed after brief retreat and intraday bias is back on the upside. Consolidative pattern from 1.3538 is in its third leg and further rise should be seen to 1.3797 and possibly above. On the downside, however, break of 1.3637 minor support will bring retest of 1.3538/55 support zone instead.
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.
