Daily Pivots: (S1) 1.3624; (P) 1.3675; (R1) 1.3725; More…
USD/CAD’s break of 1.3625 support suggests that corrective rebound from 1.3480 has completed at 1.3723 already. Intraday bias is back on the downside for retesting 1.3480 first. Firm break there will resume larger down trend from 1.4791 to 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.
