Daily Pivots: (S1) 1.3682; (P) 1.3701; (R1) 1.3730; More…
Intraday bias in USD/CAD is turned neutral with current recovery, and some consolidations would be seen above 1.3670 temporary low. Risk will stay on the downside as long as 55 4H EMA (now at 1.3788) holds. Below 1.3670 will bring retest of 1.3641 support. Firm break there will will resume the decline from 1.4139 and target a retest on 1.3538 low.
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, or that a bearish trend reversal is confirmed.
 holds. Below 1.3670 will bring retest of 1.3641 support. Firm break there will will resume the decline from 1.4139 and target a retest on 1.3538 low.){kind=link}