Daily Pivots: (S1) 1.3572; (P) 1.3601; (R1) 1.3625; More…
Intraday bias in USD/CAD stays on the downside for the moment. Firm break of 1.3538 support will resume the whole decline from 1.4791. However, above 1.3628 will turn intraday bias neutral, and delay the bearish case. More consolidations would be seen above 1.3538 first in this case.
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.
