Every day Pivots: (S1) 1.3078; (P) 1.3136; (R1) 1.3169; Extra….
USD/CAD’s fall continues to be in progress and intraday bias stays on the draw back. Break of 1.3115 signifies resumption of bigger down pattern. Subsequent targets are 61.8% projection of 1.3653 to 1.3115 from 1.3386 at 1.3054, after which 100% projection at 1.2848. On the upside, above 1.3233 minor resistance will flip intraday bias impartial first. However outlook will stay bearish so long as 1.3386 resistance holds, in case of restoration.
Within the greater image, value actions from 1.3976 are seen as a correction to up pattern from 1.2005 (2021 low) solely. Therefore, the up pattern is in favor to renew by means of 1.3976 at a later stage. However, one other fall beneath 1.3115 will extending the decline from 1.3976 to 61.8% retracement of 1.2005 to 1.3976 at 1.2758, and lift the possibility of bearish pattern reversal.
