Daily Pivots: (S1) 1.3826; (P) 1.3844; (R1) 1.3863; More…
Intraday bias in USD/CAD stays neutral and more consolidations would be seen above 1.3798 temporary low. Upside of recovery should be limited below 1.3936 support turned resistance. on the downside, break of 1.3798 will resume the fall from 1.4139 to 61.8% retracement of 1.3538 to 1.4139 at 1.3768. Firm break there will argue that whole decline form 1.4791 might be ready to resume through 1.3538 low.
In the bigger picture, current development suggests that price actions from 1.4791 is developing into a deeper, larger scale correction. In the less bearish case, it’s just correcting the rise from 1.2005 (2021 low). But even so, break of 1.3538 will pave the way to 61.8% projection of 1.4791 to 1.3538 from 1.4139 at 1.3365. This will remain the favored case as long as 1.4139 resistance holds, in case of rebound.
