Daily Pivots: (S1) 1.3698; (P) 1.3736; (R1) 1.3792; More…
Intraday bias in USD/CAD remains mildly on the upside for the moment. Corrective pattern from 1.3538 is extending with the third leg. Further rise would be seen to 1.3797 resistance and possibly above. On the downside, break of 1.3650 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.
