Daily Pivots: (S1) 1.3734; (P) 1.3775; (R1) 1.3814; More…
USD/CAD failed to break through 1.3804 resistance on first attempt and intraday bias stays neutral. On the upside, decisive break of 1.3804 will argue that fall from 1.4139 has completed. Stronger rebound should be seen back to 55 D EMA (now at 1.3857) and above. On the downside, below 1.3699 minor support will turn bias back to the downside. Break of 1.3641 will target 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.
 and above. On the downside, below 1.3699 minor support will turn bias back to the downside. Break of 1.3641 will target 1.3538 low.){kind=link}