Daily Pivots: (S1) 1.3754; (P) 1.3782; (R1) 1.3801; More…
Intraday bias in USD/CAD remains neutral for the moment and outlook is unchanged. On the upside, break of 1.3878 bring stronger rally, but upside should be limited by 1.4014 cluster resistance (38.2% retracement of 1.4791 to 1.3538 at 14017) to complete the correction. On the downside, sustained trading below 55 4H EMA (now at 1.3763) will bring retest of 1.3538 low.
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.
 to complete the correction. On the downside, sustained trading below 55 4H EMA (now at 1.3763) will bring retest of 1.3538 low.){kind=link}