Daily Pivots: (S1) 1.3574; (P) 1.3635; (R1) 1.3667; More…
USD/CAD’s break of 1.3650 minor support argues that corrective pattern from 1.3538 has completed with three waves to 1.3773. Intraday bias is back on the downside for retesting 1.3538/55 support zone. Decisive break there will resume larger decline from 1.4791. On the upside, however, break of 1.3650 will delay the bearish case and bring more sideway trading.
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.
