Daily Pivots: (S1) 1.3800; (P) 1.3821; (R1) 1.3857; More…
Intraday bias in USD/CAD stays neutral and further rise is still mildly in favor with 1.3789 support intact. Break of 1.3927 will resume the rebound from 1.3641, as part of the corrective pattern from 1.3538, towards 1.4139. However, firm break of 1.3789 will bring deeper fall back to 1.3538/3641 support zone.
In the bigger picture, price actions from 1.4791 are seen as a corrective pattern to the whole up trend from 1.2005 (2021 low). Deeper fall could be seen as the pattern extends, and break of 1.3538 will target 61.8% retracement of 1.2005 to 1.4791 at 1.3069. For now, medium term outlook will be neutral until there are signs that the correction has completed.
