Daily Pivots: (S1) 1.3828; (P) 1.3843; (R1) 1.3873; More…
USD/CAD’s rally is in progress and intraday bias stays on the upside. Rise from 1.3538 is seen as correcting the decline from 1.4791 and would target 1.4014 cluster resistance (38.2% retracement of 1.4791 to 1.3538 at 14017). But strong resistance should be seen there to limit upside. On the downside, below 1.3812 minor support will turn intraday bias neutral first.
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.
. But strong resistance should be seen there to limit upside. On the downside, below 1.3812 minor support will turn intraday bias neutral first.){kind=link}