Daily Pivots: (S1) 1.3738; (P) 1.3763; (R1) 1.3798; More…
Intraday bias in USD/CAD stays neutral for the moment. With 1.3725 support intact, rise from 1.3538 could still extend higher. Break of 1.3889 should resume the corrective rise through 1.3923 to 1.4014 cluster resistance. On the downside, though, firm break of 1.3725 will indicate that the corrective rebound has completed, and bring deeper fall back to 1.3574 support.
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.
