Daily Pivots: (S1) 1.3547; (P) 1.3575; (R1) 1.3609; More…
Intraday bias in USD/CAD is turned neutral first with a temporary low formed at 1.3524. Nevertheless, outlook is unchanged that consolidation pattern from 1.3480 could have completed at 1.3751, after hitting 55 D EMA (now at 1.3704). Risk will stay on the downside as long as 1.3751 resistance holds. On the downside, below 1.3524 will bring retest of 1.3480 low. Firm break there will confirm resumption of whole fall from 1.4791, and target 61.8% projection of 1.4791 to 1.3538 from 1.4139 at 1.3365.
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. For now, medium term outlook will be neutral at best, until there are signs that the correction has completed, or that a bearish trend reversal is confirmed.





















