Daily Pivots: (S1) 1.3613; (P) 1.3657; (R1) 1.3686; More…
Intraday bias in USD/CAD remains neutral for the moment, and outlook is unchanged. Strong resistance is still expected from 55 D EMA (now at 1.3721) to limit upside to complete the consolidation pattern from 1.3480. Below 1.3624 minor support will bring retest of 1.3480 low first. 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.
 to limit upside to complete the consolidation pattern from 1.3480. Below 1.3624 minor support will bring retest of 1.3480 low first. However, decisive break of 55 D EMA will bring stronger rebound to 1.3927 resistance instead.){kind=link}