Daily Pivots: (S1) 1.3748; (P) 1.3781; (R1) 1.3817; More…
Intraday bias in USD/CAD stays neutral. On the upside, firm break of 1.3813 resistance will retain near term bullishness that rebound from 1.3538 is still in progress. Intraday bias will be back on the upside for retesting 1.3923 next. On the downside, decisive break of 1.3720 will argue that the corrective pattern from 1.3538 has already completed at 1.3923. Intraday bias will be back on the downside for 1.3574 support 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 cluster resistance (38.2% retracement of 1.4791 to 1.3538 at 1.4017) holds. Next target is 61.8% retracement of 1.2005 (2021 low) to 1.4791 at 1.3069.
