Daily Pivots: (S1) 1.3469; (P) 1.3497; (R1) 1.3538; More….
Intraday bias in USD/CAD is turned neutral with a temporary low in place at 1.3455. Some consolidation would be seen but recovery should be limited by 1.3641 support turned resistance and bring another decline. Below 1.3455 will target 1.3222 support next. As noted before, corrective rally from 1.2460 could have finished ahead of 1.3838 fibonacci level. Break of 1.3222 will affirm this case and target 1.2968 key support level for confirmation
In the bigger picture, price actions from 1.4689 medium term top are seen as a correction pattern. The first leg has completed at 1.2460. Rise from 1.2460 is seen as the second leg and would end at around 61.8% retracement of 1.4689 to 1.2460 at 1.3838. Break of 1.3222 should indicate the start of the third leg while further break of 1.2968 should confirm. Nonetheless, sustained trading above 1.3838 would pave the way to retest 1.4689 high.
