Daily Pivots: (S1) 1.3663; (P) 1.3732; (R1) 1.3769; More…
Intraday bias in USD/CAD remains on the downside for 1.3641 support. Firm break there will resume the decline from 1.4139 and target a retest on 1.3538 low. On the upside, above 1.3724 minor resistance will turn intraday bias neutral and bring consolidations first.
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.
