Daily Pivots: (S1) 1.3525; (P) 1.3575; (R1) 1.3669; More…
Intraday bias in USD/CAD is turned neutral with current recovery and some consolidations would be seen above 1.3480. Further decline is in favor as long as 55 4H EMA (now at 1.3664) holds. Below 1.3480 will target 61.8% projection of 1.4791 to 1.3538 from 1.4139 at 1.3365. However, firm break of 55 4H EMA will indicate short term bottoming, and bring stronger rebound towards 55 D EMA (now at 1.3805) instead.
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 at best, until there are signs that the correction has completed, or that a bearish trend reversal is confirmed.
 holds. Below 1.3480 will target 61.8% projection of 1.4791 to 1.3538 from 1.4139 at 1.3365. However, firm break of 55 4H EMA will indicate short term bottoming, and bring stronger rebound towards 55 D EMA (now at 1.3805) instead.){kind=link}