Daily Pivots: (S1) 1.3417; (P) 1.3455; (R1) 1.3524; More….
A temporary low is in place at 1.3387 as USD/CAD recovered and intraday bias is turned neutral first. Some consolidation would be seen but upside should be limited by 1.3570 resistance and bring another fall. Below 1.3387 will target 1.3222 support first. 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.
