Daily Pivots: (S1) 1.3650; (P) 1.3672; (R1) 1.3697; More…
Intraday bias in USD/CAD remains neutral for the moment. On the downside, below 1.3618 minor support will suggest that recovery fro 1.3549 has completed, and turn intraday bias back to the downside. Break of 1.3549 will bring retest of 1.3480 low. However, sustained break of 1.3709 will confirm short term bottoming. Intraday bias will be back on the upside for 1.3965 resistance again, as in the third leg of the corrective pattern from 1.3480.
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.
