Daily Pivots: (S1) 1.3575; (P) 1.3618; (R1) 1.3646; More…
USD/CAD’s fall from 1.3845 resumes with break of 1.3608 support. Intraday bias is back on the downside, and further fall would be seen to 100% projection of 1.3845 to 1.3608 from 1.3761 at 1.3524. Sustained trading below 55 D EMA (now at 1.3631) will argue that whole rise from 1.3176 has completed already. For now, risk will stay on the downside as long as 1.3689 resistance holds, in case of recovery.
In the bigger picture, price actions from 1.3976 (2022 high) are viewed as a corrective pattern. In case of another fall, strong support should emerge above 1.2947 resistance turned support to bring rebound. Firm break of 1.3976 will confirm up resumption of whole up trend from 1.2005 (2021 low). Next target is 61.8% projection of 1.2401 to 1.3976 from 1.3176 at 1.4149.
 will argue that whole rise from 1.3176 has completed already. For now, risk will stay on the downside as long as 1.3689 resistance holds, in case of recovery.){kind=link}