Daily Pivots: (S1) 1.3564; (P) 1.3579; (R1) 1.3608; More…
Intraday bias in USD/CAD remains on the downside as this point. Fall from 1.3965 is in progress for retesting 1.380 low. Decisive break there will resume whole down trend from 1.4791. For now, risk will remain on the downside as long as 1.3709 resistance holds, in case of recovery.
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.
