Daily Pivots: (S1) 1.3959; (P) 1.3996; (R1) 1.4059; More…
USD/CAD’s rise from 1.3538 resumed with acceleration. Intraday bias is back on the upside with focus on 1.4014/7 cluster resistance. Sustained break there will argue that fall from 1.4719 has completed at 1.3538 already. Further rise should then be seen to 61.8% retracement at 1.4312. On the downside, though, break of 1.3930 should indicate rejection by 1.4014/7 and bring deeper fall back to 1.3725 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. However sustained trading above 1.4014 will suggest that it’s more likely just a correction, and the larger up trend would be in favor to resume through 1.4791 at a later stage.
