Daily Pivots: (S1) 1.3830; (P) 1.3847; (R1) 1.3863; More…
Intraday bias in USD/CAD remains neutral and outlook is unchanged. On the downside, firm break of 1.3725 support will indicate that corrective rebound from 1.3538 has already completed, and turn near term outlook bearish. However, break of 1.3923 will resume the rebound towards 1.4014 cluster resistance.
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.
