Daily Pivots: (S1) 1.3772; (P) 1.3794; (R1) 1.3837; More…
USD/CAD’s break of 1.3804 resistance confirms short term bottoming at 1.3641. fall from 1.4139 might have completed. Intraday bias is back on the upside for 55 D EMA (now at 1.3857) and above. On the downside, below 1.3744 minor support will turn bias back to the downside for 1.3641.
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 1.3744 minor support will turn bias back to the downside for 1.3641.){kind=link}