Daily Pivots: (S1) 1.3682; (P) 1.3701; (R1) 1.3730; More…
USD/CAD’s fall resumed after brief consolidations and intraday bias is back on the downside for retesting 1.3538 low. Firm break there resume whole whole fall from 1.4971. Next target is 61.8% projection of 1.4791 to 1.3538 from 1.4139 at 1.3365. On the upside, above 1.3738 minor resistance will turn intraday bias neutral and bring consolidations, before staging another fall.
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.
