Daily Pivots: (S1) 1.3636; (P) 1.3677; (R1) 1.3718; More…
No change in USD/CAD and intraday bias remains neutral. Consolidations pattern from 1.3480 could extend. But upside should be limited by 55 D EMA (now at 1.3724). On the downside, firm break of 1.3630 minor support will bring retest of 1.3480 low first. Decisive break there will resume larger down trend 1.4791 to 61.8% projection of 1.4791 to 1.3538 from 1.4139 at 1.3365. However, decisive break of 55 D EMA will bring stronger rebound to 1.3927 resistance 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, to 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.
. On the downside, firm break of 1.3630 minor support will bring retest of 1.3480 low first. Decisive break there will resume larger down trend 1.4791 to 61.8% projection of 1.4791 to 1.3538 from 1.4139 at 1.3365. However, decisive break of 55 D EMA will bring stronger rebound to 1.3927 resistance instead.){kind=link}