Daily Pivots: (S1) 1.3830; (P) 1.3847; (R1) 1.3877; More…
No change in USD/CAD’s outlook and intraday bias stays neutral. . Price actions from 1.3538 are seen as a corrective pattern. As long as 1.3720 support holds, another rise could still be seen. However, upside should be limited by 1.4014 cluster resistance (38.2% retracement of 1.4791 to 1.3538 at 1.4017). Meanwhile, firm break of 1.3720 will argue that the corrective bounce has already completed, and 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.
. Meanwhile, firm break of 1.3720 will argue that the corrective bounce has already completed, and bring retest of 1.3538 low.){kind=link}