Daily Pivots: (S1) 1.3764; (P) 1.3805; (R1) 1.3826; More…
USD/CAD’s break of 1.3789 support suggests that rebound from 1.3641 as already completed at 1.3927. Intraday bias is back on the downside for retesting 1.3538/3641 support zone. Decisive break there will resume whole down trend from 1.4791. For now, risk will stay on the downside as long as 1.3927 resistance holds, in case of recovery.
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.
