Daily Pivots: (S1) 1.3724; (P) 1.3752; (R1) 1.3769; More…
USD/CAD’s fall from 1.3878 resumed by breaking through 1.3757 temporary low and intraday bias is back on the downside. Current development suggests that corrective rebound from 1.3538 has completed with three waves up to 1.3878. Deeper fall should be seen to retest 1.3538 low. On the upside, however, above 1.3809 will dampen this view and turn bias neutral again.
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.
