Daily Pivots: (S1) 1.3959; (P) 1.3996; (R1) 1.4059; More…
Intraday bias in USD/CAD is turned neutral again with current retreat. On the downside, firm break of 1.3930 support will indicate rejection by 1.4014/7 cluster resistance. That would keep the rebound from 1.3538 corrective, and turn bias to the downside for 1.3725 support. Nevertheless, sustained break of 1.4014/7 cluster resistance will suggest that USD/CAD Is already reversing the whole fall from 1.4719, and target 61.8% retracement at 1.4312.
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.
