Daily Pivots: (S1) 1.3764; (P) 1.3805; (R1) 1.3826; More…
Intraday bias in USD/CAD remains neutral at this point. On the downside, firm break of 1.3789 support will suggest that rebound from 1.3641 has completed. Bias will be back on the downside for 1.3538/3641 support zone. However, strong rebound from current level, followed by break of 1.3927, will resume the rebound from 1.3641, as part of the corrective pattern from 1.3538, towards 1.4139.
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.
