Daily Pivots: (S1) 1.3679; (P) 1.3717; (R1) 1.3765; More…
Immediate focus is now on 1.3751 resistance in USD/CAD. Decisive break there will suggest that stronger rebound is underway, probably as a correction to whole down trend from 1.4791. Further rally should be seen to 1.3927 resistance first. On the downside, below 1.3669 will bring retest of 1.3480/3524 support zone.
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. However, break of 1.3927 resistance will argue that the correction has completed with three waves down to 1.3480 already.
