Daily Pivots: (S1) 1.3657; (P) 1.3684; (R1) 1.3720; More…
Intraday bias in USD/CAD is turned neutral with current recovery and some consolidations could be seen above 1.3647. Further decline is expected as long as 1.3787 resistance hold. Sustained break of 61.8% retracement of 1.3480 to 1.3965 at 1.3665 will pave the way to retest 1.3480 low.
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, decisive break of 38.2% retracement of 1.4791 to 1.3480 at 1.3981 will argue that the correction has completed with three waves down to 1.3480 already. Further break of 1.4139 will confirm and bring retest of 1.4791 high.
