Daily Pivots: (S1) 1.3797; (P) 1.3810; (R1) 1.3832; More…
Intraday bias in USD/CAD stays neutral for the moment. On the downside, break of 1.3720 will reaffirm the case that corrective pattern from 1.3538 has completed at 1.3878. Further decline should then be seen back to retest 1.3538 low. However, break of 1.3878 will extend the corrective rebound from 1.3538 with another rising leg.
In the bigger picture, price actions from 1.4791 medium term top could either be a correction to rise from 1.2005 (2021 low), or trend reversal. In either case, further decline is expected as long as 1.4014 resistance holds. Next target is 61.8% retracement of 1.2005 (2021 low) to 1.4791 at 1.3069.
