Daily Pivots: (S1) 1.3777; (P) 1.3793; (R1) 1.3808; More…
USD/CAD’s break of 1.3813 support turned resistance argues that corrective pullback from 1.3923 has completed at 1.3725, ahead of 1.3720 support. Intraday bias is back on the upside for retesting 1.3923 resistance first. Firm break there will resume whole corrective rise from 1.3538. For now, risk will stay on the upside as long as 1.3725 support holds, in case of retreat.
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.
